Standard Bank hit by fraud in China

Standard Bank of South Africa unveiled bad news for its shareholders today, revealing it has been the victim of a suspected fraud in China, that cost $80 million, wiping out profits for the first six month of the year. Chinese authorities launched an investigation in May into whether the metals trading firm Decheng Mining and related companies used fake warehouse receipts at Qingdao port to obtain multiple loans secured against a single cargo of metal. The chief executive of Standard Bank, Sim Tshabalala, told BBC Business Reporter Russell Padmore how the fraud has hit the bank.