Dubai refinery Kaloti and DMCC caught up in $5bn global gold scandal. A Dubai-based gold refinery has been accused of flouting new international rules aimed at stopping trade in so-called conflict gold, amid claims it paid more than $5bn in cash for the precious metal and accepted gold from more than 1,000 customers without paperwork, London’s The Guardian newspaper has reported. Citing a confidential 2012 inspection report by Ernst & Young, the Kaloti Group, a $12bn refining and trading business which owns the largest refinery in the Middle East, is also accused of also taking millions of dollars of gold plated in another metal and seemingly smuggled out of Morocco. It comes as it also reported that the Dubai Multi-Commodities Centre (DMCC), which was set up by Dubai ruler Sheikh Mohammed in 2002 to promote and regulate the gold industry and is headed by executive chairman Ahmed Bin Sulayem, changed its rules in a way which resulted in the the full details of the inspection reports being kept confidential. The newspaper said the leaked E&Y report showed Kaloti paid out $5.2bn in cash-for-gold deals – equivalent to almost 45 percent of its business in 2012.
Posted on: Wed, 26 Feb 2014 08:27:13 +0000
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