Jakarta –
A shocking scandal broke in China. Counterfeiting occurred gold the biggest in history which shows that 4% of China’s gold reserves are most likely to be fake.
The scandal began with the discovery of 83 tons of gold reserves deposited by the gold company Kingold Jewelry Inc. It turns out that the gold reserves are fake.
Though the amount of gold used by Kingold to obtain loans of 16 billion yuan, equivalent to 22% of annual gold production and 4.2% of China’s gold reserves in 2019 then.
Previously more than a dozen Chinese financial institutions, lending 20 billion yuan over the past 5 years to Kingold. At that time Kingold gave up his pure gold as collateral and insurance policies to cover losses. But in fact, the gold bar used as collateral was actually not real gold, but gold-plated copper.
In early June, Minsheng Trust, Dongguan Trust, and small creditors Chang’An Trust filed a lawsuit against Kingold and demanded PICC Property and Casualty Company Limited (PICC P&C) to cover their losses. PICC P&C is the largest non-life insurance company in mainland China which was founded in 2003.
The PI&P PICC declined to comment on the matter, but said it had submitted the case to court procedures, according to Caixin’s media reports.
A source from PICC P&C said that the claim procedure must be initiated by Kingold as the insured party, not the financial institution as the beneficiary. Unfortunately, Kingold has not yet filed a claim.
Getting to Know More What Is Kingold? Open the next page >>>
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