Forged Warehouse Receipts Were All for Nickel, Glencore Firm Says
By: The New York Times February 17, 2017
Forged warehouse certificates circulating in the name of Access World, a metals warehouse company owned by commodity giant Glencore Plc, have all been for nickel in Asia, it said last week.
Access World, formerly Pacorini Metals, said last month it had become aware of fake warehouse receipts circulating in its name and urged holders to seek authentication.
Warehouse companies issue receipts for metal stored in their facilities as proof of ownership, which are often used as collateral for bank finance.
"We note that currently all relevant forged warehouse receipts we have seen have been in the name of Access World Logistics (Singapore) Pte Ltd... and have been solely across nickel," it said in a statement.
Access World also said that it would provide authentication for clients' certificates on Feb. 10-15, after which it would honour "duly authenticated original warehouse receipts."