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Qinhuangdao port 6 billion yuan ore disappeared mysteriously

In the absence of the owner's instructions, 13 shippers with a total value of nearly 6 billion yuan of copper concentrate were actually transported away by a third party.

China Business News exclusively learned that in early August, nearly 300,000 tons of copper concentrate stored in Qinhuangdao Port by 13 cargo owners suddenly "disappeared".

According to the investigation of CBN, 13 companies purchased several batches of copper concentrate and transported them to Qinhuangdao Port, and entrusted China Qinhuangdao Ocean Shipping Agency Co., LTD. (hereinafter referred to as "Qinhuangdao Ocean Shipping Agency") or Qinhuangdao Ocean Forwarding Logistics Co., LTD. (hereinafter referred to as "Qinhuangdao Ocean Shipping Agency") to do customs declaration, cargo storage, cargo rights custody and other related work. The two freight forwarders are parent and subsidiary companies.

The third party has been pointed to a key figure - Liu Yu. Ningbo Hezheng International Trading Co., LTD. (hereinafter referred to as "Ningbo Hezheng") and Huludao Ruisheng Trading Co., LTD. (hereinafter referred to as "Huludao Ruisheng"), which were actually controlled by Liu Yu, were allegedly involved in the copper concentrate incident.

"According to our understanding, around August 1, a total of 13 shippers were called by forwarders to inform them that there was a problem with the goods." Zhang Ming, the relevant person in charge of the traders involved, told the first Finance and economics that after the discovery of the goods, the relevant parties held an inquiry meeting, and the freight forwarder company made some explanations about the relevant situation and admitted that there was no single release of goods without obtaining the instructions of the owner.

According to the owner of the reflection, in the question meeting, Liu Yu claimed that he and related parties to the freight forwarding company issued the release instructions, the freight forwarding company also admitted that the goods were released without the instructions of the owners of all parties. A trader responsible said that Liu Yu confessed to the existence of the behavior of without single delivery with Qinhuangdao outside logistics for a long time, Qinhuangdao outside logistics did not deny the site.

In addition to Liu Yu and the two freight forwarders, Qingang Shares (601326.SH), which is responsible for the actual operation of the port, is also responsible for the disappearance of the goods, which has also raised questions from the owner.

Information shows that the freight forwarding company signed a port operation contract with Qingang Shares, and entrusted Qingang shares to be responsible for the port's cargo loading and unloading, storage and warehousing management and other matters.

Qinhuangdao external logistics, Qinhuangdao shipping agents, Qinhuangdao shares are Hebei Port Group companies. For the huge amount of copper concentrate "missing" after, the original situation, the first financial reporter to Hebei Port Group and its subsidiary companies to verify, the company received a call to the relevant people said that it is not clear the specific situation. At the same time, the Yicai reporter also contacted Liu Yu and his related parties for many times. Among them, the phone of Liu Yu and Huludao Ruisheng was not connected, and the relevant personnel of Ningbo Hesheng said they did not know the relevant situation.

According to the first financial reporter, 13 companies have reported to the police. After a preliminary investigation, the public security bureau believes that Liu Yu is suspected of contract fraud and issued the "notification of filing".


Nearly 300,000 tonnes of copper concentrate are missing

The first finance and economics learned from a number of shippers that 13 shippers learned that most of the copper concentrate stored in Qinhuangdao port was lost before and after August 1. The amount of goods involved is nearly 300,000 tons.

"On August 1, our company was informed by Qinhuangdao external Logistics that without the release instructions, our copper concentrate was transferred out of the yard. Under our strong request, Qinhuangdao outside the logistics issued a statement." The relevant person in charge of a trader Xiao Li told reporters.

In addition, Guo An's trading company also encountered a similar situation. He told reporters that his company before the inventory, goods are in the supervision. "On August 1, I was suddenly informed that the goods were gone. Qinhuangdao forwarding Logistics provided a statement that the goods were released to a third party through Qinhuangdao forwarding Logistics without our written instructions, and the goods are not stored in the yard at present.

So what is the normal delivery process? A number of shipper reflect, in accordance with their contract with Qinhuangdao external logistics, the shipper through the designated contact person Email issued with the seal of the owner of the cargo release notice, the forwarder company after receiving the need to immediately return to confirm the authenticity of the relevant information, and verify the identity of the delivery personnel, can give the shipper for delivery procedures.

"Qinhuangdao outside logistics to each out of a stamped with its official seal of the situation, admitted that they do not have a single release, that is, no goods right to order the release of goods." A trader in Qinhuangdao port site follow-up risk control personnel Luo Hui said.

It is understood that the above 13 companies, in addition to a private company, the other 12 companies are from Beijing, Shaanxi, Anhui, Jiangxi, Guangdong, Hunan, Zhejiang, Shandong and other provinces and cities, covering central, provincial, municipal and other state-owned enterprises.

According to a number of shippers, 13 companies "lost" copper concentrate, involving the amount of nearly 300,000 tons, the total value of nearly 6 billion yuan.

"From what we know, more than 290,000 tons of goods have been diverted," Mr. Guo said, adding that the total value of the diverted copper concentrate was about 6 billion yuan, based on recent copper concentrate prices.

According to the shippers, 13 shippers have reported to the public security after the release of goods without documents was exposed, and the crime of contract fraud was put on file and accepted.

The key person Liu Yu

As much as 300,000 tonnes of copper concentrate may not really have been "lost" but diverted by third parties.

A number of shipper have said that the "missing" copper concentrate was transferred by a person named Liu Yu and his related party, and the pick-up party was Huludao Ruishen/Ningbo Hezheng.

Public information shows that the business scope of Huludao Ruisheng, Ningbo and Sheng all includes metal materials, mineral products, chemical raw materials and products (excluding dangerous chemicals and monitored chemicals), Wujinjiaodian, building materials, etc. In addition, Ningbo HESheng also operates and agents all kinds of goods and technology import and export business.

And many industry insiders said that the actual control of the two companies are Liu Yu. Tianyan information shows that Liu Yu holds a 30% stake in Ningbo Hesheng; He became the head and senior executive of Huludao Ruisheng in 2013, but stepped down in 2018 and was replaced by Cui Lei. At present, the legal representative of Huludao Ruisheng, holding 90% of the shareholders are Cui Lei.

And Huludao Ruisheng wholly-owned holdings of Qinhuangdao and Rui Technology Co., LTD., the latter's legal representative for Liu Yu. According to public information, Cui Lei and Liu Yu have many intersections. For example: Cui Lei once held a stake in Ningbo Hesheng, but exited in 2019, while Liu Yu entered in January 2022. Cui Lei also overlapped with Liu Yu in Ruihe Jintai (Beijing) Trading Co., LTD. According to the change of industrial and commercial registration in November 2016, Liu Yu was the executive director and manager of the company, and Cui Lei was the supervisor. In November 2018, Liu Yu stepped down as a shareholder, director and manager of the company. In March of the following year, Cui Lei's supervisor was changed.

"After our owner arrived at the scene, Qinhuangdao shipping agents, outside the logistics related person in charge and Liu Yu are out to explain to everyone, Liu Yu said that he and related parties to the freight forwarding company issued the release instructions, the freight forwarding company also admitted that the goods were released without the instructions of the owners of all parties." Guo An told reporters.

"At the inquiry meeting, Liu Yu said it was not that complicated, basically calling the freight forwarder to release the goods. The relevant person in charge of the freight forwarding company did not deny this matter."

According to the information obtained by CBN, the goods are owned by the current owner before the next buyer of the goods does not pay for the goods to the freight forwarder and the current owner does not order the goods to be released. The current shipper's release notice is the only document for the shipper to notify the forwarder to release the goods.

Why does Liu Yu have so much energy and can easily transfer such a huge amount of goods?

According to a senior copper industry analyst told Yacai, Liu Yu used to be the head of the procurement department of a copper company, and then went out on his own to trade copper concentrate raw materials.

"Liu Yu has been in the copper concentrate market for about eight or nine years. At present, the trading volume of the national copper concentrate market is among the best, and the annual trade volume of the company under his name is about one million tons." Liu Yu a personal experience of the industry insiders told reporters.

Are the goods of the above 13 companies really transferred by Liu Yu and his related parties? China Business News Reporter contacted Liu Yu and the companies he controlled, Ningbo Sheng and Huludao Ruisheng for many times, but the phone calls of Liu Yu and Huludao Ruisheng were not connected, and the relevant personnel of Ningbo and Sheng said they did not know the relevant situation.


How on earth did the goods go missing?

Although his influence in the copper concentrate trade industry is not small, it is not easy for Liu Yu alone to break through the normal business management process and transfer nearly 300,000 tons of goods. A number of cargo owners involved in the question, as a freight forwarding company Qinhuangdao outside logistics/Qinhuangdao shipping agent, in this incident is also to blame.

A number of shipowners told the first financial reporter that on August 2, the shipowners, forwarders and Liu Yu held a tripartite inquiry meeting. Liu Yu admitted that Ningbo and Sheng and Huludao Ruisheng, through Qinhuangdao external logistics, implemented the behavior of taking goods for resale without the instructions of the shipowners.

"At the inquiry meeting, Liu Yu said that the two sides have cooperated for many years, and the main operation mode is to first take the goods away and then replace them." A shipper said.

It is not clear why the forwarders agreed to Mr. Liu's request. However, many involved in the cargo owners believe that in the business process, the status of the freight forwarder company, so that it has the convenience and conditions to cooperate with Liu Yu.

According to the insiders, at present, Qinhuangdao Logistics is the entire Qinhuangdao Port is the only one state-owned freight forwarding company, Qinhuangdao shipping agent for the wholly owned subsidiary. According to the official website of Qinhuangdao Ocean Shipping Agency, Qinhuangdao Ocean Forwarding Logistics has three business departments: storage and transportation department, container department and customs declaration bank.

Shipowners, including Xiao Li, Guo An, told reporters that Qinhuangdao outside logistics and Qinhuangdao shipping agents, the two are freight forwarders, mainly responsible for customs declaration, inspection, cargo supervision, shipowners and port operators signed contracts and settlement port fees. Therefore, the owner will sign the agent entrust contract with Qinhuangdao Outer Logistics Agency/Qinhuangdao Outer shipping agency.

According to the introduction of the shipper, after signing the relevant agreement with the shipper, the two forwarders signed the port operation contract with Qingang Shares in the form of entrusted operation. This is because the port operations and cargo storage are actually operated by Qingang, such as providing dock berths, cargo storage and turnover sites for ship berthing and cargo loading and unloading. Provide storage warehouse and warehouse management.

Luo Hui said that in the specific operation, when the goods into the warehouse, Qinhuangdao outside logistics need to give the owner to issue the seal of the acceptance of goods into the warehouse sheet (the above note has "this batch of goods shall not be used in any form as replacement, appropriation or mortgage"), the goods in Qinhuangdao port grocery company yard.

Many shippers believe that in this process, there are loopholes in the business management of freight forwarders, which may also leave hidden dangers for this incident.

"Compared with the photos taken after the incident, the top shape and reference (contrast) of the goods are the same, but the number has been reduced. Now the stacking plate of the goods has been replaced, which shows that the goods are not ours. It is suspected that there are fake stacking of goods, cargo information and fixed stacking of goods to replace signs in advance." Xiao Li said that the port stacking management chaos, duty-paid and unpaid goods stacking does not conform to norms.

Qinhuangdao Port is a public terminal operator of bulk dry bulk cargo. Qinhuangdao Port is an important coal launching port in the country. According to the quarterly report of Qingang shares, Hebei Port Group is the controlling shareholder of Qingang shares, holding 54.27% of the equity. In addition, Hebei Port Group for Qinhuangdao Marine agent major shareholders, holding 63.81%.

Shipowners also said that due to the absolute market advantage of freight forwarders in Qinhuangdao port, Liu Yu has greater control over the downstream channels of goods, so that the choice of goods in Qinhuangdao port owners, "not too much choice space."

Guo An said that the goods in Qinhuangdao can not be surrounded by Qinhuangdao external logistics/Qinhuangdao shipping agent, and Liu Yu has greater control over the direct sales channels downstream of the port goods, "the goods after the port will basically sell to Liu Yu, or sell to Liu Yu's other partners".

For the traders said whether the information is true, the first financial reporter contacted Hebei Port Group and its subordinate companies. Among them, Qinhuangdao outside the logistics related people received a phone call said, "leaders are not now, this matter I can not say clearly." An employee of Qinhuangdao Ocean Shipping Agency also said that the specific situation is not clear, and is also waiting for the company's specific response to this matter.

Qingang Securities Affairs Department responded that the company is not involved in should not disclose major matters, need to wait for the investigation results of the relevant departments to clear the specific situation.

First financial reporter contacted Hebei port Group official website public telephone, the other party said, at present do not understand the relevant situation.


Where does the copper concentrate flow?

"At the inquiry meeting, Liu Yu said that he predicted that the price of copper would rise, so he invested a large amount of money in June to make unilateral long investment, but not long after the purchase, the price of copper fell sharply, and finally was forced to close the position, cut meat, and suffered heavy losses. This time, we were unable to replace the goods after reselling them in advance, which led to a thunderstorm. A cargo owner to the first financial reporter revealed.

According to the market of Shanghai copper's main 2209 contract, the steep decline began on June 10 this year and fell to a new low of 53310 yuan/ton on July 15, falling 26.52% during the period.

For this statement, Luo Hui difficult to agree. "We asked professionals in the industry to calculate, how can not lose nearly 300,000 tons of goods gap." 'Where did the goods go?' he said. How exactly the truth, the urgent need for public security organs and relevant institutions to find out.

In the eyes of shippers, "missing" goods can only be realized if they are resold. So, the goods shipped by Ningbo and Sheng/Huludao Ruisheng were eventually sold to whom? Where did the money go? Can we recover the goods? ... Shippers are anxious about these questions.

"The police told us that Liu Yu actually controlled more than these two companies, as for the goods behind the whereabouts is unknown." Guo An said.

In addition to these two companies, Liu Yu also controls a number of other companies, ranging from trade to investment.

Tianyan information shows that Liu Yu has actual control over 10 companies, in addition to Ningbo and Sheng, It also holds 100% of the shares of Beijing Longshun Tongyun Technology Co., LTD., 90% of the shares of Shenzhen Ruicheng Chenyang Trading Co., LTD., 88% of the shares of Ningbo Junrun Hengzhi Investment Partnership (Limited partnership), and 50% of the shares of Inner Mongolia Guyunuo Financial Consulting Co., LTD.

According to Tianyang information, Liu Yu served in 11 existing enterprises, including the general manager of Huludao Nonferrous Import and Export Co., LTD., and the executive director, general manager and legal representative of Shenzhen Ruicheng Chenyang Trading Co., LTD.

As for Liu Yu control of the above companies, whether related to the copper concentrate incident, is still to be further investigated by relevant departments.


How to fill the hole

Nearly $6 billion worth of copper concentrate has gone missing, and if the goods are diverted without payment, 13 shippers could suffer heavy losses if the payment is not recovered.

According to insiders, in general import and export trade, L/C is a common way of payment. In international trade, the buyer may worry that the seller will not deliver the goods according to the contract after the advance payment is made. The seller is also concerned that the buyer will not pay after delivery or delivery of shipping documents. Therefore, through the bank to the letter of credit on behalf of the collection of documents.

"Regardless of the default event, we are bound to pay for the goods. If we don't pay, the bank will deport our money. At present, we are taking various measures to recover the goods. However, if the goods are not recovered, we will face certain economic losses. Mr. Scioli said.

In addition, according to the information obtained by the first Finance and economics, if the freight forwarding company releases the goods without authorization, in addition to compensation for the loss caused by the shipper, the rest of the relevant direct economic and legal liabilities will also be borne by the freight forwarding company.

And purely from the registered capital point of view, Liu Yu's two companies do not seem to have such financial strength. Tian-yan information shows that the registered capital of Ningbo Hesheng and Husudao Ruisheng are 50 million yuan and 10 million yuan respectively, and the paid-up capital is 3.22 million yuan and 10 million yuan respectively.

As for how to make up for the loss of the victim, according to the owner, Liu Yu said at the inquiry meeting that he still has 30,000 tons of goods in the port, and has an office building and factory in Qinhuangdao. "He does not want these, as compensation."

In addition to the possible losses suffered by cargo owners, this incident may have a certain impact on the credit and market liquidity of the copper concentrate trade industry.

Xiao Li told reporters that the company's choice of the counterparty is more strict, the warehouse, goods management must be a state-owned company, but did not expect the risk occurred, the future of business development will be more cautious.

Xiao Li told reporters that as a result of the incident, state-owned traders will no longer be reassured about the safety of the cargo supervision at the port involved, and then shrink their business, which will affect the normal operation of the physical factory.

"Whether the goods will dock at Qinhuangdao in the future should be carefully considered." Guo An also said that after the incident, the port's risk control loopholes are worrisome.

In terms of the impact on the copper concentrate industry, industry insiders said that for the copper concentrate trading industry, this matter may have an impact on the liquidity of the market in the short term. After the copper concentrate flows into the market, it may be recovered because of the potential legal risks. In addition, this may also impact the reputation of the warehouse and port supervision company, thus causing a crisis of confidence in the market.

Guo An believes that the market has certain expectations for the stock of copper concentrate at various ports. China's copper consumption and import volume are about 20 million tons per year, and the current 300,000 tons of goods account for a small proportion, so the impact on market supply and demand is not large.

(Xiao Li, Zhang Ming, Guo An and Luo Hui are all pseudonyms in the article)