Qingdao Port responds to fraud probe

Dalian: Qingdao Port, which has just listed in Hong Kong last week, made an official announcement to respond to various reports on a fraud case at the port.

Qingdao Port said the Dagang branch of the company received letters from the public security authority stating that it is investigating an alleged fraud case relating to certain aluminium and copper products stored at the Dagang branch under the name of a third party cargo shipment agency on behalf of a cargo owner. The public security authority has requested the Dagang branch to assist with the investigation, in particular in carrying out a stock-take of the metal productions in question.

Qingdao Port stated that both the cargo owner and the agent are independent third parties and it is not a party to the agreement between the cargo owner and the agent, and it doesn’t have any interest in the metal products subject to the investigation.

The port said neither the company nor any of its employees is currently under any investigation initiated by authorities and it is not currently required to suspend operations.

“The company will closely monitor the development of the investigation and issue further announcements as required,” Qingdao Port said in the announcement.

Affected by the fraud case, shares of Qingdao Port dropped 1.33% from HK$3.76 per share to HK$3.71 per share on the first day of its listing. [09/06/14]

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