On 30 January 2026, Mr Justice Saini handed down judgment in Trafigura Pte Ltd & Anor v Prateek Gupta & Ors [2026] EWHC 159 (Comm), following a month-long trial in November-December 2025.
In these high-profile proceedings, Trafigura, the world’s largest private metal trader, brought claims against Mr Prateek Gupta, and several entities he owned or controlled, relating to a substantial nickel fraud. Trafigura contended that it purchased c. US$500 million worth of high-quality LME-grade nickel from Mr Gupta’s companies, but the shipping containers actually contained metals of low or no value. Trafigura alleged that Mr Gupta masterminded this fraud.
The Court upheld Trafigura’s claims against Mr Gupta and his companies, rejecting a variety of legal and factual defences raised by him and the other defendants.
A copy of the judgment is available here.
Nathan Pillow KC, David Peters KC, and Yanni Goutzamanis of Essex Court Chambers were instructed for Trafigura, alongside Edward Ho of Brick Court Chambers. They were instructed by Priya Grigoriadis and Paulina Corbetis-Baynham of Stephenson Harwood LLP. Louise Hutton KC, Andrew Legg, and John-Patrick Asimakis of Essex Court Chambers acted at trial for Mr Gupta, instructed by Inga Ludewig of Larson LLP.
