Defendant in Trafigura fraud case agrees to disclosure date under threat of ban
Geneva-based Trafigura, a major industrial metals and oil trader, filed a lawsuit against Gupta in February 2023, alleging it had been the victim of a $600-million fraud involving nickel cargoes masterminded by Gupta and in which he and his companies participated.
Judges have granted a succession of delays over many months to Gupta to meet deadlines for disclosure of documents relevant to the case.
The original disclosure deadline was in September 2024 and judges have allowed four delays since then.
Gupta's lawyers agreed to next week's deadline under a consent order, according to a court document dated April 4.
If Gupta's side does not meet the latest deadline "their defence will be struck out and they will be debarred from defending the proceedings, without further order of the court", Justice Julia Dias said in the document.
Gupta has said in his defence that Trafigura staff devised the scheme at the centre of the case, to substitute low-value materials such as scrap for high-grade nickel. Trafigura and its employees have denied any knowledge of fraud.
Trafigura booked an impairment charge in 2023 of $590 million due to the alleged fraud involving nickel cargoes that turned out to be material of much lower value.
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