Trafigura

Commodities trader discovers shipments it had purchased did not contain the metal.

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The firm has spent the past two months uncovering what it believes is a systematic fraud against it. Read more at straitstimes.com.

“Since late December 2022, a small proportion of the containers purchased from these companies have been inspected as they reached their destination, and were found not to contain nickel,” Trafigura said in the statement. However, Trafigura said it does not believe that anyone at the company was complicit in the fraud. It has started legal action against Indian businessman Prateek Gupta and several companies connected to him including TMT Metals and subsidiaries of UD Trading Group, said Trafigura in a statement.

Global commodity trader Trafigura said on Thursday it booked a $577 million charge in the first half of 2023, after discovering that some nickel cargoes it ...

Carbon steel was among the materials found in the containers instead of nickel. Advertisement

Trafigura, commodity trader, says shipments of nickel it bought did not contain the metal. Find out more.

Economou declined to comment. Metals trading has been stung by a number of frauds in recent years. Gupta’s companies and Trafigura traded about 25,000 tonnes of nickel but some of the cargoes were found to have held metal of far lower value than nickel, according to people familiar with the matter. TMT Metals, Gupta and UD Trading did not immediately respond to requests for comment. TMT Metals describes itself as a non-ferrous metals, minor metals and ferroalloys trading merchant. It added that a small proportion of containers purchased from these companies had been inspected since December and that they did not contain nickel.

Swiss commodities trader Trafigura says it has been defrauded to the tune of $577 billion by fake nickel shipments.

Trafigura has set aside the $577 million provision in expectation of the worst-case scenario. “The fraud concerns containerised nickel in transit during 2022 and involved misrepresentation and presentation of a variety of false documentation,” Trafigura said in a statement on Thursday. Swiss commodities trading company Trafigura says it has been defrauded to the tune of $577 million (CHF530 million) by fake nickel shipments.This content was published on February 9, 2023 - 19:04

The commodities trader said that some containers were found on arrival not to contain nickel.

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Commodities trader Trafigura Group will take an almost half a billion dollars charge in first half of 2023, after discovering that some nickel cargoes it ...

“The majority of the shipments remain in transit awaiting further inspection.” Missing metals from orders is, unfortunately, nothing new. This culminated in March last year in chaotic trade, with prices soaring

The group remains committed to building its presence in the fast-growing battery metals markets. London-based TMT Metals and UD Trading Group, which have ...

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