London: The long running legal battle between global commodity trader Trafigura and Indian businessman Prateek Gupta reached its final stage today as both sides presented their closing arguments in the London High Court. Each accused the other of responsibility for what Trafigura says is a six hundred million dollar nickel fraud that began with shipments of metal that turned out to contain low value materials instead of high grade nickel.
Trafigura told the court that Gupta had offered no proof that any of its employees took part in or helped plan the alleged fraud. The company maintained that it was the victim of a deliberate scheme involving duplicate cargo documents and substituted materials. Its lawyers said Gupta diverted money linked to the transactions to support his struggling businesses and pointed to the continuing freezing order on his assets.
Gupta rejected the accusations and argued that several Trafigura staff members were aware of unusual shipping practices that suggested the cargoes were suspicious. He denied deceiving the company and insisted that delays and changes in inspection arrangements were agreed between both sides. Throughout the trial he has claimed that Trafigura is attempting to shift blame for internal failures onto him and his trading firms.
The trial began in November and included weeks of testimony about shipping documents, inspection reports and past dealings between the parties. Trafigura said it uncovered the problem in late 2022 when inspectors found that containers did not hold the nickel it had paid for. The company has since tightened its checks on shipments and trading partners.
With arguments now complete the case moves to the judgment phase. The judge is expected to rule in the coming months on whether Gupta is liable for the losses and whether Trafigura’s claims of fraud are supported by the evidence. The outcome will be closely watched in the global metals market because of its implications for risk management and the verification of cargoes in long distance trade.