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PICC, several other insurers tied up in Chinese fake gold scam

PICC, Several Other Insurers Tied Up In Chinese Fake Gold Scam

Major Chinese insurer Picc Property and Casualty Co. and several smaller insurers are reportedly involved in a controversial set of loans worth RMB20 billion (US$2.8 billion), after it was found that at least some of the Gold Bars used as collateral were fake. Wuhan Kingold Jewelry Inc. was able to loan the amount over the past five years using collateral of 83 tons of gold bars and RMB30



This post first appeared on Lawyers And Attorneys In The United States, please read the originial post: here

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PICC, several other insurers tied up in Chinese fake gold scam

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