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QEX not covered in $4m heist

Staff reporters
Fri, 30 Oct 2020

It looks like a $4 million heist at QEX Logistics’ bonded warehouse in Shanghai won’t be covered by insurance.“The board has reviewed QEX’s insurance position, and at this stage does not consider that QEX is able to mitigate its potential losses through any claim under any policy of insurance,” it said.Earlier this week QEX said an estimated $4 million of inventory has been removed without its authorisation.QEX reiterated the lost inventory will likely result in it breaching three banking covenants.The company said...

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