Scotiabank Trying to Sell Gold Trading Unit Following Scandal

After an alleged scandal concerning a U.S. refinery and smuggled South American gold, Scotiabank is working on selling its gold trading unit.

JP Morgan is leading the effort, with buyers in China the main focus of the initiative.

Workers at NTR Metals, a subsidiary of Elemetal, were accused of money laundering. NTR Metals is accused of importing over $3.6 billion worth of gold from 2012 and 2015.

ScotiaMocatta has been under review for several months.

Scotiabank has no comment on the sale or the scandal.