Briefs
Standard Bank takes $80m hit on suspected China fraud
"There is emerging evidence that the financing arrangements were impacted by fraudulent activities in respect of the physical aluminium," the bank said in its first-half results statement.
The writedown against the repos represented management's "best estimate of the risk adjustment required", Standard Bank said in its release.
The bank, which says it has already started legal proceedings over its rights to the physical aluminium, said its total exposure related to the Chinese port was $167 million.