Latest News

LME fines Access World Access World $77,000 for violating warehouse rules

LME fines Access World Access World $77,000 for violating warehouse rules

London Metal Exchange (LME), has taken disciplinary actions against Access World Vlissingen B.V. for breaches of LME warehouse rules that date back to 2022. The company agreed to pay an amount of 60,000 pounds ($77328) as a penalty.

The exchange, which is the oldest and largest industrial metals market in the world, announced that a settlement had been reached prior to the institution of any disciplinary proceedings.

Four warrants of full-plate nickel cathodes, between October 18, 2022, and November 16, 20,22 were loaded erroneously out of a shed at Access World's Rotterdam office. LME warrants confer ownership.

A third party, commissioned by Access World for an independent audit to produce a report, discovered the incidents. The LME reported that Access World notified the LME of the incidents.

The LME released a statement on Tuesday that said Access World informed them during the investigation that the incidents had been caused by human error. They have taken steps to minimize the possibility of it happening again.

Access World didn't immediately respond to a request for comment.

Hong Kong Exchanges and Clearing Ltd. owns the LME. ($1 = 0.7759 pound) (Reporting and editing by Kirby Donovan, David Evans and Polina Devitt)

(source: Reuters)