LONDON : Commodity trader Trafigura has been racing to get a British judge to secretly freeze $625 million worth of assets of a web of firms accused of fraud without alerting the Indian businessman who owns and controls them, Prateek Gupta, according to court documents seen by Reuters on Thursday.Trafigur
LONDON : Commodity trader Trafigura has been racing to get a British judge to secretly freeze $625 million worth of assets of a web of firms accused of fraud without alerting the Indian businessman who owns and controls them, Prateek Gupta, according to court documents seen by Reuters on Thursday.
A lawyer in Singapore representing Gupta and one of his companies said:"The matter is before the courts and is therefore subjudice. Our client will respond accordingly in court." Since Trafigura began to suspect in October last year that around 25,000 tonnes of metal sold by Gupta's firms may not be high-grade nickel, it scrambled to inspect over 1,000 shipping containers, the documents showed.
"Trafigura resolved, on 10 January, to bring a fraud claim... and to seek a WFO whilst attempting to avoid alerting Mr Gupta to that plan; and to elicit some part of the promised payments from him." Trafigura held several meetings with Gupta, in which he initially said some of the containers contained nickel alloy instead of high-grade nickel.
On Jan. 7, Gupta held a meeting with Trafigura's head of nickel trading Socrates Oikonomou, according to the documents.
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