Chinese metal dealer 'The Hat' flees country, triggers $144-mn loss

Chinese metals traders lost at least 1 billion yuan (about $144 million) after a metals dealer named Xu Maohua, nicknamed 'The Hat', made multiple high-profile copper and metal transactions before fleeing the country, reported Bloomberg. Xu owed money to SDIC Commodities, while state-owned enterprises owed money to their own suppliers. The fallout has led to multiple court cases so far.