CHINA’S third-largest terminal Qingdao Port International, which is embroiled in an alleged financing scam, has received two lawsuits from global warehousing firm Pacorini Logistics claiming a total of US$58.4 million.

    The firm is at the center of a fraud investigation into a private metals trading firm, Decheng Mining, which allegedly duplicated warehouse certificates stored at the port to pledge a metal cargo multiple times as collateral for bank loans.

    The suspected financing scam has prompted global banks and trading houses, including Standard Chartered, HSBC and Mercuria Energy Trading SA, to fire off a series of lawsuits over their exposure that has topped US$900 million.

    Pacorini Logistics, the metals warehousing arm of Glencore, has filed two legal proceedings against the Dagang Branch of Qingdao Port and Qingdao Hongtu Logistics, Qingdao Port said in a statement Saturday.

    In the first suit, Pacorini said it suffered losses due to refusals by the port and Qingdao Hongtu Logistics to deliver 8,085.189 tons of aluminum ingots that were stored at the port’s bonded zone.

    The goods were worth about 120.1 million yuan (US$19.54 million) based on market value and Pacorini has asked for either the goods to be delivered or to be compensated accordingly.

    In the second suit, Pacorini was seeking damages of US$38.89 million against the port and Qingdao Hongtu for not delivering 112,731 tons of alumina, Qingdao Port said.

    Qingdao Port said the metal shipments stored at its Dagang Branch were held by third-party cargo shipment agency, Qingdao Hongtu. The metal has been detained by authorities due to suspected criminal activities, while Qingdao Hongtu is also under fraud investigations, the port said. (SD-Agencies)