On Monday, a British court took a look at documents “purporting to show that Bahrain’s prime minister had direct influence over the affairs of aluminum smelter Alba when it was making deals now at the heart of a major corruption case,” reports Reuters.
“The documents were shown by a lawyer for British-Canadian businessman Victor Dahdaleh, who is on trial accused of paying some $67 million in bribes to former Alba managers in return for a cut of contracts with suppliers worth more than $3 billion.”
“One of Britain’s biggest corruption cases for years, the trial has opened a rare window ontobusiness practices normally shielded from public view in secretive Bahrain and comes at a sensitive time of political unrest in the tiny Gulf kingdom.”
“London-based Dahdaleh, 70, has pleaded not guilty to eight criminal charges brought by Britain’s Serious Fraud Office (SFO) in relation to events between 1998 and 2006 at Bahraini state-controlled Alba, the world’s fourth-largest aluminum smelter.”
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The aluminum cash price closed up Monday, December 2, halting two days of weakening prices on the LME with a 0.6 percent shift. After hitting a 30-day low of $1,753 per metric ton on Thursday, November 28, the aluminum 3-month price rose 0.1 percent on Monday on the LME. The cash price of primary Indian aluminum held steady on Monday.
Chinese aluminum prices closed flat for the day. The cash price of Chinese aluminum saw little price change on Monday. The price of Chinese aluminum scrap saw essentially no change for the fifth day in a row. For the fifth consecutive day, the price of Chinese aluminum billet held flat. The price of Chinese aluminum bar remained essentially flat.