Part of China’s gold reserves turned out to be fake

Gold bars weighing 83 tons of Chinese gold processing company Wuhan Kingold Jewelry turned out to be fake, according to JCK.

The bars are made of a copper alloy and covered with gold on top. The company raised loans worth 20 billion yuan ($2.8 billion), and left these bars as collateral for the Bank.

83 tons of gold are equivalent to 22% of annual production in China and 4% of the total stock of this precious metal. In early June, creditors filed a lawsuit against Kingold and demanded that the state insurance company PICC Property and Casualty pay damages.

Wuhan Kingold Jewelry is considered the largest gold processor in Central China. Previously, the factory was owned by the state and managed by the People’s liberation army of China in the person of General Jia Zhihong. Since 2002, the company has been transformed into a joint-stock company.

Earlier, anticorr. media reported that the former Chairman of the Board of the Chinese Bank was sentenced to death for corruption. He was found guilty of embezzlement of $ 110 million, corruption, illegal destruction of financial documents and a number of other crimes.