What happened when futures traders lost $500 million on golden ham?
The news that futures traders lost $500 million on golden ham was hotly searched. What is even more incredible is that it took the futures trader only three days to compensate the company for the loss of $500 million. This kind of economic strength makes netizens wonder who he really is. How did Golden Ham lose so much money? Jin Han originally planned to deliver all the pig futures contracts he held, but the futures trader operated without approval, which eventually caused the company to lose 500 million yuan. It took futures traders more than half a month to inform the company of this situation.
Is the father-in-law of a futures trader suspected of adjusting profits with his share compensation?
The futures trader's unauthorized operation caused the company to lose 500 million yuan, and the loss was ultimately borne by him. His father-in-law Shi Xiongbiao happens to be a shareholder of Golden Ham. He has some shares in Kingham, so he sold his shares and borrowed tens of millions from Wang to repay the $500 million. Jin Ham said that although Shi Xiongbiao is a shareholder of the company, this compensation is not as a shareholder, but as the father-in-law of the futures trader to repay the expenses. This compensation will be included in the company's non-operating income, so this transaction does not constitute an equity transaction.
The futures trader is unprofessional to the company, but fortunately, he has a powerful father-in-law, otherwise he doesn't know how to repay this fee, which not only causes losses to the company, but also causes losses to many investors. I also hope that this futures trader can learn a lesson and reflect on himself, and don't do this illegal operation again in the future.