Posted By Global Banking and Finance Review
Posted on December 13, 2024
LONDON (Reuters) - Prateek Gupta, who is accused of fraud by commodity trading firm Trafigura, on Friday secured a delay until the end of February in disclosure of documents relevant to the long-running case.
Gupta's lawyers told a London court in March that he had run out of funds for legal fees and wanted to reach a settlement. Trafigura filed the case in February 2023, alleging "systematic fraud" by the Indian businessman and firms controlled by him.
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.
The delay is the latest in the case, with the trial itself due to start in November next year.
Justice Robert Bright agreed to set Feb. 28 as the new deadline for the disclosure by both parties at a London court hearing on Friday after an application by Gupta's lawyers.
Gupta has hired new lawyers at London law firm Preston Turnbull, who did not reply to a Reuters request for comment.
Trafigura declined to comment.
Geneva-based Trafigura booked an impairment charge last year of $590 million due to the alleged fraud involving nickel cargo that turned out to be material of much lower value.
(Reporting by Polina Devitt and Pratima Desai; Editing by Alexander Smith)