The ANZ Bank is trying to recover losses, running as high as $A200 million, from a fraudulent deal involving Asia-based metals warehouses.
The bank said that it had “significant losses” from the fraud, which involved the transfer of $US151 million ($A196 million) to the US, according to a report by Reuters.
ANZ submitted documents to the District Court in San Fransisco on June 6, requesting permission to follow up with the parties in the US that received those funds.
Following a complex series of transactions, ANZ received ownership documents for nickel inventory held at warehouses in Singapore and South Korea.
However, upon trying to sell the nickel ANZ learned that 83 of the 84 warehouse receipts for the inventory turned out to be fake, the court papers said.
According to Reuters, at current spot nickel prices that amount of stock involved would be valued at $US306.4 million.
Business Insider has contacted the ANZ Bank in Australia for comment.
According to Reuters, ANZ hasn’t filed a lawsuit but plans to do so in Asia once it has identified who was involved in the transaction.
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