You are here
Chinese buyers reported interested in Scotiabank's gold business
Scotiabank Looks to Sell Gold Trading Unit After Money-Laundering Scandal
By Henry Sanderson, Neil Hume, James Fontanella-Khan, and Gregory Meyer
Financial Times, London
Wednesday, August 18, 2017
Canada's Scotiabank has put its gold business up for sale in the aftermath of a multibillion dollar money laundering scandal centred on a U.S. refinery that involved smuggled gold from South America.
The bank's ScotiaMocatta business is one of London's main gold trading banks and is being sold by JPMorgan, according to people familiar with the process.
Chinese buyers are rumored to be the key targets of the Scotiabank sale, according to people in the market. Scotiabank declined to comment on the sale or the refinery scandal.
... Dispatch continues below ...
Goldco Is America's No. 1 Gold IRA Provider
Goldco Precious Metals was founded by Trevor Gerszt in 2006 with a mission to help Americans protect their retirement accounts from market volatility and inflation by adding precious metals like gold and silver.
Experts predict that we are headed toward another economic crash like the one in 2008. If you aren't prepared, your retirement savings could vanish. At Goldco we take the time to understand our customers' investment goals and objectives and give them the resources to feel confident that their money will be there for them when they need it.
To learn more about adding gold and silver precious metals to your retirement accounts, please visit Goldco here:
The "straw that broke the camel's back" in prompting the sale, according to people in the market, was Scotiabank's lending to Elemetal, a precious metals refinery in Dallas. Scotiabank was one of their biggest lenders, they said.
In March U.S. prosecutors accused workers at a subsidiary of Elemetal, NTR Metals in Florida, of a money laundering scheme using "billions of dollars of criminally derived gold," mostly from Peru.
Elemetal did not respond to a request for comment. Scotiabank and ScotiaMocatta were not accused of any wrongdoing. ...
... For the remainder of the report:
https://www.ft.com/content/aabd236e-e763-3355-a51d-0a0f52689124
* * *
Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...
Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
