Thursday, October 18, 2018

Massive German container leasing Ponzi scheme Busted - $4b

The Munich-based container lessor filed for bankruptcy two months ago after drawing on €3.5bn ($4.06bn) from 54,000 investors. Investors are facing losses of more than $4bn after it emerged that one million shipping containers belonging to German box lessor P&R Group can't be found.

The company sold new and used containers, rented them back, and offered to repurchase them in 5 years for 65% of the original value.
While the firm claimed to have acquired 1.6m containers on behalf of German investors, it appears only 600,000 actually exist.