Aluminium Association releases statement on Dupré Report
The Aluminum Association recently became aware of news coverage of a report released by Dupré Analytics, accusing China Zhongwang Holdings Ltd of defrauding investors through questionable borrowing practices and the inappropriate movement of aluminium products through a global network of related entities. It released this statement in response to the allegations.
“The implied fraudulent behaviour relevant to the aluminium industry involves the import of misclassified and/or trans-shipped semi-fabricated aluminium into the North American market in order to capture and possibly inflate certain VAT tax rebates available to exported Chinese wrought products and to evade antidumping and countervailing duties on certain aluminium products of Chinese origin.
“The Aluminium Association is concerned about any allegations of deliberate misclassification of metal to avoid relevant export duties. Such actions, if the allegations are true, would create an unlevel playing field for aluminium producers in North America and around the world, and lead to distortions in the marketplace that have ripple effects across the entire industry.
“The Aluminium Association is calling on relevant authorities in China and the United States to investigate these claims, determine if they are accurate and act quickly to intervene if laws are being broken. As global demand for aluminium continues to grow, we must ensure that trade practices and policies provide for a level playing field so that consumers and producers can benefit”.