Chinese port operator and commodity trader Wanjiang Logistics has been publicly criticized by the Shanghai Stock Exchange for allegedly making a number of false trades during 2012 and 2013.
According to Splash 247, the logistics giant generated around US$1.44 billion in false revenue as a result of deals made with metal traders during the two-year period.
Transactions led to profits totalling 51.36% and 64.64% in 2012 and 2013, respectively.
Ai Qiang, Senior Shareholder and Supervisor in Wanjiang’s Supervision Committee, was also responsible for violating the law through illicit insider trading activities.
According to marine insurer Skuld, fraud in the maritime industry is becoming increasingly common due to ports adopting technologies that can facilitate new types of crime.
It was reported by PTI previously that the crash could have serious ramifications on the global port and supply chain industry. A prediction that has come into fruition after global markets have steadied after exports from China slowed.
The event showed the world just how influential China has become in a macroeconomic context.
The global economy is still feeling the latent effects of the 2008 economic crash, and with markets becoming increasingly volatile, trading is under greater spotlight to ensure it is operating accordingly.