QEX: Half-year hammered by presumed heist

Mon, 30 Nov 2020

QEX Logistics has booked a $4.3 million hit to its bottom line as the company counts the cost of missing inventory in its half year earnings. The cross-border logistics firm reported a half-year net loss of $5.9 million. It would have lost $1.5 million if it weren’t for the inventory that went missing, and is presumed stolen, from a Shanghai-based warehouse.Chief executive Ronnie Xue said an investigation involving China Customs, authorities and a specialist legal team are ongoing. China Customs has told QEX that a “full audit...

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