Another trading house has been stung after buying a cargo supposedly containing nickel that turned out to be full of near-worthless rubble.
The latest example, detailed in lawsuits in London and Singapore, is separate from the $600 million alleged fraud against Trafigura Group that shocked the trading industry earlier this year, but it involves several of the same companies.
New Alloys is among the companies that Trafigura claims was part of the alleged Gupta fraud. New Alloys isn’t owned by Gupta, and the Kataman claim against New Alloys makes no mention of him. In the meantime communication between the parties deteriorated. The bills of lading — crucial shipping documents that ascribe ownership of a particular cargo — were lost in transit to Kataman from its bank, JPMorgan Chase & Co.
Kataman’s lawyers claim that New Alloys and Techies “by unlawful means conspired and combined together to defraud the Claimant and to conceal such fraud and the proceeds of such fraud from the Claimant.” In a separate London lawsuit, Kataman explains that it struck deals with TMT Metals Ltd. and Mine Craft Ltd. whereby they would pay a hefty rate of interest to Kataman for it to buy and then re-sell cargoes of nickel and tin.
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