JPMorgan Chase’s $1.3 Million of Nickel Turned Out to Be Bags of Stones
Written by SOURCE on March 22, 2023
Last week, JPMorgan Chase didn’t get what it ordered. In a surprising mix-up, a Dutch warehouse accidentally sent a bag of stones instead of the nickel that was purchased.
The report from Insider states JPMorgan Chase doesn’t know if this happened due to an accident, theft, or fraud.
The London Exchange revealed there was a misunderstanding with its nickel supply, but didn’t identify the owner or warehouse involved in storing the nickel bags.
An operator at the warehouse weighed the bags, believing it showed more than 50 tons of nickel. But the operator later discovered the bags were filled with stones. According to The Wall Street Journal, the warehouse is owned and operated by logistics firm Access World. The company is owned by miner and trader Glencore PLC.
In a statement, Access World said it inspected “warranted bags of nickel briquettes at all locations.” The Rotterdam, Netherlands incident is “an isolated case and specific to one warehouse.”
JPMorgan Chase reportedly purchased the bags years ago. Had the material actually been nickel, it would have been worth around $1.3 million.
