Chinese metals traders lose $144 million after dealer Xu Maohua flees

firstpost.com

Chinese metals traders lost at least $144 million after a dealer known as "The Hat" disappeared, triggering lawsuits and asset freezes. Xu Maohua, the dealer, orchestrated a complex trading network involving state-owned enterprises like SDIC Commodities. His disappearance broke the trading chain, leaving counterparties exposed to significant financial losses. The incident has prompted Chinese regulators to review operations at state-owned commodities firms and curb risky trading practices, following previous concerns about inflated revenues and hidden financial risks.


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