What was found
(CAN) DURING CLIMB, THE PILOT NOTED A FUEL SMELL AND THE WING-MAN REPORTED SMOKE. AN EMERGENCY DESCENT WAS INITIATED TO THE POINT OF ORIGIN, APPROX. 3 NM AWAY. AFTER LANDING, THE ENGINE WAS IMMEDIATELLY SHUTDOWN AS FUEL WAS LEAKING ON THE GROUND. GROUND INSP FOUND A PINCHED O-RING ON THE COVER OF METERING VALVE RATIO LEVER ON THE AUTO FUEL CONTROL. THE UNIT WILL BE REPLACED BEFORE THE ACFT IS RETURNED TO SERVICE. MFG WILL CONTINUE INVESTIGATING THE EVENT AND ADVISE OF ROOT CAUSE ONCE ESTABLISHED.