<http://schema.org/articleBody>
"Standard Chartered said it made provisions of about $175m related to a fraud in China, where the government is investigating a lending scandal involving metal stockpiles in the port city of Qingdao.Bloomberg News reports that the bank&amp;rsquo;s so-called other impairments jumped by $174m to $185m in the first six months of the year, compared with just $11m in the same period in 2013, the lender said today as it reported earnings. The amount of that total related to the Qingdao scandal was about $175m, according to Shaun Gamble, a bank spokesman. Standard Chartered had previously sued Chen Jihong, the Singaporean owner of a metal-trading company that&amp;rsquo;s under investigation in China for allegedly pledging metals multiple times as collateral for loans. Standard Chartered says it&amp;rsquo;s owed $35.6m under a loan agreement with Decheng Mining, one of Chen&amp;rsquo;s companies, according to a Hong Kong lawsuit last month. To access the complete Bloomberg News article hit the link below: Standard Chartered Provisions $175 Million in China Fraud Commerzbank Sets New Targets as Profit RisesAnd the Best Place to Work in the global financial markets 2015 is..."^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.hitc.com/en-gb/2014/08/07/standard-chartered-made-provisions-in-china-fraud/>