A graphic from this week's judgment on China Metal Recycling (0773) seems strangely familiar.
China Money Recycling
14 March 2015
In the winding-up of China Metal Recycling (Holdings) Ltd (0773), a graphic in the judgment published this week shows the alleged fraudulent money-go-round from CMR to suppliers, who passed it to customers, who passed it back to CMR, and gives us a sense of déjà vu:
![](../images/cmr1.gif)
Where have we seen this before? Ah yes, the cover of the IPO prospectus, brought to you by UBS AG and China Merchants Securities (HK) Co., Ltd. Don't say you weren't warned.
![](../images/CMR2.jpg)
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