Trafigura faces $577m loss after uncovering nickel fraud nickel metals trading
Commodity trader Trafigura Group is facing more than half a billion dollars in losses after discovering metal cargoes it bought didn’t contain the nickel they were supposed to.
Trafigura has been trading with Gupta’s companies since at least 2015, but started reviewing the relationship last year, the people said. It had been buying nickel in containers already on board ships, and then selling it on when the vessels reached their destination. Other traders were caught out by nickel for different reasons in the past year, as the metal was at the center of a massive short squeeze that brought the London Metal Exchange to its knees.
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