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

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.

By Miki