Trader Gerald Group Says It Was Hit by $49 Million Tin Fraud

 Commodity trading house Gerald Group said it paid almost $49 million for tin that turned out not to be tin. Gerald Group made a provision of $37.3 million in its 2023 financial accounts after the deal to buy Brazilian tin went awry, according to a note in its 2022 accounts filed at the UK’s Companies House. The firm has started investigations and engaged parties to assist in recovering the funds. “Upon arrival at the final destination and final weigh and assays results, it was discovered that the counterparty failed to fulfill its contractual obligations to deliver tin concentrate,” Gerald Group said in the...