LONDON : An Indian businessman accused by Trafigura of fraud told the commodity trader he imported Russian nickel and had it processed before rebranding it as Indian to get around financing restrictions, a former Trafigura executive said in an affidavit to a London court.The document suggests possible way
LONDON : An Indian businessman accused by Trafigura of fraud told the commodity trader he imported Russian nickel and had it processed before rebranding it as Indian to get around financing restrictions, a former Trafigura executive said in an affidavit to a London court.
Trafigura said on Feb. 9 that it had booked a $577 million charge relating to the substitutions. The court imposed a $625 million global freezing order on Gupta and his firms on Feb. 8, which Gupta plans to challenge. "Citi stipulated that it would only continue to finance the trades if the nickel which was being traded was not of Russian origin," Oikonomou said in his affidavit. Citi declined to comment.Gupta later told Oikonomou that he had got around the restriction by having an unnamed partner process nickel imported from Russia into an alloy, the affidavit said.
Gupta blamed the unnamed partner for substituting nickel alloy for the high-grade nickel in the Trafigura cargoes, Oikonomou said.
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