Trafigura Pte Ltd & Anor v Prateek Gupta & Ors

Trafigura Pte Ltd & Anor v Prateek Gupta & Ors

The evidence did not establish that Trafigura was or should have been on notice that Mr Oikonomou, Mr Bhatia, or the Mumbai traders knew of the alleged fraud. The presentation to the court was fair and there was no failure of full and frank disclosure. The application to discharge the Worldwide Freezing Order fails.

Parties
Claimant: Trafigura Pte. Ltd.; Claimant: Trafigura India Pvt. Ltd.; Defendant: Prateek Gupta; Defendant: UIL (Singapore) Pte. Ltd.; Defendant: UIL Malaysia Ltd.; Defendant: TMT Metals A. G., Zug; Defendant: TMT Metals (UK) Ltd.; Defendant: Spring Metal Ltd.; Defendant: Mine Craft Ltd.; Defendant: New Alloys Trading Pte. Ltd.
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Commercial Court Application / Application to Discharge Worldwide Freezing Order
Outcome
Application dismissed
Legal Topics
Freezing Orders, Full and Frank Disclosure, Fraud, Agency
Civil Procedure Commercial Law Freezing Orders Full and Frank Disclosure Fraud Agency

Case Brief

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Parties

Trafigura Pte. Ltd.

Claimant

Trafigura India Pvt. Ltd.

Claimant

Prateek Gupta

Defendant

UIL (Singapore) Pte. Ltd.

Defendant

UIL Malaysia Ltd.

Defendant

TMT Metals A. G., Zug

Defendant

TMT Metals (UK) Ltd.

Defendant

Spring Metal Ltd.

Defendant

Mine Craft Ltd.

Defendant

New Alloys Trading Pte. Ltd.

Defendant

Procedural Posture

Commercial Court Application / Application to Discharge Worldwide Freezing Order

Legal Issues

  1. 1 Whether the Claimants failed in their duty of full and frank disclosure when obtaining the Worldwide Freezing Order
  2. 2 Whether evidence existed that senior employees of the Claimants knew of the alleged fraud and failed to disclose this to the court

Ratio Decidendi

The evidence did not establish that Trafigura was or should have been on notice that Mr Oikonomou, Mr Bhatia, or the Mumbai traders knew of the alleged fraud. The presentation to the court was fair and there was no failure of full and frank disclosure. The application to discharge the Worldwide Freezing Order fails.

Court Disposition

Application dismissed

Orders

  • Worldwide Freezing Order remains in force
  • Costs to follow the event, subject to further submissions