Wuhan company now at the center of one of the biggest fake gold scandals

According to multiple industry reports published this week, the Wuhan-based and NASDAQ-listed Kingold Jewelry allegedly issued 83 tonnes of fake gold – valued at $4.2 billion and the equivalent to 22 percent of the country’s gold – as collateral to attain loans from at least 14 Chinese money lenders and trust banks.

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Author: Hollie McKay