The London Metal Exchange found sacks of stones instead of nickels in a warehouse in Rotterdam, Netherlands. Bloomberg.
The agency said the swapped lot represents only 0.14% of the LME’s approximately $1.3 million worth of nickel inventory.
Previously, representatives of the large international trader Trafigura loyalty A series of significant mistakes in dealing with companies associated with Indian businessman Practical Gupta.
The company announced its intention to sue in connection with the fraud in early February this year. The deal with Indian companies for 1,104 containers of high-grade nickel was completed last year. However, in fulfilling the deal, the counterparties actually “established” the trader by shipping cargo to Trafigura with the product substitute – much cheaper carbon steel was found in the containers instead of the required nickel.