Trader Gerald Group Says It Was Hit by $49 Million Tin Fraud.

Commodity trading house Gerald Group has revealed that it paid nearly $49 million for tin that turned out to be fraudulent. The company made a provision of $37.3 million in its 2023 financial accounts after the deal to purchase Brazilian tin went wrong. This is the first time that Gerald Group has acknowledged the fraud and quantified the potential loss it faces. The incident highlights the need for better oversight in the metals trading industry, which has been plagued by scandals in recent years. [Extracted from the article]