Citic Resources (1205.HKG) has filed a lawsuit against Qingdao Port International (6198.HKG) claiming US$108 million in damages if port officials do not return aluminum ingots confiscated as part of a fraud investigation, South China Morning Post reported, citing a Hong Kong stock exchange announcement. The court will hold its first hearing into the case on September 9. The focus of the fraud investigation is director of Jun Zhong Resources Chen Jihong, a Singapore national detained on the mainland as authorities investigate whether metals were pledged multiple times as collateral for loans.
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