According to Bloomberg, Hyphen, a company owned by the Reuben brothers, is suing Trafigura Group for fraud in nickel shipments and contracts.
the billionaire brothers david AND Simon Reubenknown in the market goodsthey are processing the file Trafigura group on suspicion of contract fraud and shipments of thousands of tons of lost nickel, informs a report of Bloomberg. Earlier this year, Trafigura said it expected to lose nearly $600 million due to the Indian businessman’s ‘systematic defraud’ Prateek Gupta.
charge of loss
In the documents to which Bloomberg Once accessed, Hyphen Trading, the Reuben brothers’ company which is initiating the legal proceedings, claims that the fraud also involved counterfeit shipping documents, which were allegedly used to obtain funding from the ICBC Standard Bank.
The material shows how containers supposedly loaded with nickel were shipped back and forth around the world, apparently with the aim of avoiding opening them and revealing their contents. Furthermore, Hyphen claims that Trafigura has blocked cargo inspection requests.
Hyphen is in separate legal disputes with Trafigura over two different cargoes of nickel. In one instance, Hyphen bought just over $10 million of nickel from the London Metal Exchange and loaded it onto several ships. Trafigura’s lawyers had written to the shipping company that the trading company was the rightful owner of the cargo. Hyphen and Trafigura say they have the original bills of lading, suggesting that at least one set of documents is fake, the report said.
second charge
In another case, Hyphen bought for $8.4 million just over 404 tons of nickel which was loaded in Kaohsiung, Taiwan, onto a vessel called OOCL Jakarta. The dash would receive the cargo when it arrived in Rotterdam. Although the containers arrived at their destination, on a different vessel, Hyphen was not notified, the report said. The cargo remained on the vessel on the return journey to Asia. The “nickel” was dumped in Jeddah, Saudi Arabia, according to the complaint.
“On Dec. 16, Hyphen inquired about where the goods were stored in Kaohsiung (before shipment). Trafigura did not respond,” the company’s complaint reads. Dash pressed for a reply on December 19, 20 and 22, with no reply. On 27 December, Trafigura replied by refusing the request for an inspection, citing “logistical complications”.
In February, Trafigura accused Gupta of fraud, saying he spent more than half a billion dollars buying nickels from his companies and found the containers contained no nickel.
Other side
Trafigura and the Reubens declined to comment. Gupta’s spokesperson said he is planning a “robust response” to Trafigura’s allegations, according to Bloomberg.
The circulation of fraudulent bills of lading, called bills of lading, will raise concerns among merchants and financiers. According to Bloomberg, the documents are central to modern commodity trading.
According to Bloomberg, Hyphen is seeking the $8.4 million it paid, plus costs and interest, from Trafigura. The company has yet to gain access to its nickel.
Source: Terra
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