Itochu to buy stake in Brazil’s CSN’s iron ore unit for $769m
CSN Mineracao is the leading iron ore producer and distributor in Brazil.
The man accused by Trafigura Group of being behind a $590 million nickel fraud finally responded to the allegations, claiming that Trafigura itself “devised and proposed” the scheme.
In a defence filed to the London court on Wednesday afternoon, lawyers for Prateek Gupta said that Trafigura employees had proposed an arrangement to agree contracts for the sale of nickel but in fact to trade other material.
Trafigura in February secured a freezing order against Gupta, alleging that his companies had sold it cargoes of nickel that turned out not to contain any of the metal.
(By Jack Farchy)
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