Rattled Banks News

CITIC Resources Says Qingdao Port Probe May Impact Business

CITIC Resources Holdings Ltd said on Tuesday an investigation into the status of certain aluminium and copper products stored at China's Qingdao port may hit the group, signalling a possible broader impact on businesses exposed to the port. News of an investigation into a metal financing fraud at the port, where a third-party company is suspected of using single cargoes of metal multiple times to obtain financing, has rattled banks and trading houses and unsettled markets. "At present, the status of the investigation is unknown to the group," chairman Kwok Peter Viem said in a filing to the Hong Kong stock exchange. "Until the status of the investigation is clarified…