Entrepreneur Prateek Gupta’s application to remove the worldwide freezing order failed after the High Court ruled evidence used did not provide “any real support” for the case.
Global commodities trader Trafigura filed a claim against Gupta and several of his entities over systematic fraud Trafigura alleged to have been committed by a group of companies connected to and controlled by Gupta.
In a statement back in February, the company said the fraud concerns containerised nickel in transit during 2022 and involved misrepresentation and presentation of a variety of false documentation.
Trafigura applied without notice for a worldwide freezing order to be placed on him and his entities, which was granted by Mr Justice Foxton on 8 February.
During a two-day High Court hearing last week, Gupta asked a judge to lift the freezing order, claiming Trafigura committed serious failures to comply with their duty of full and frank disclosure when obtaining the order.
Today, Mr Justice Bright dismissed the application, ruling that he was “not satisfied” with the materials shown to him as part of Gutpa’s argument.
He did add that his conclusion has no bearing on what will happen at trial, which is down for a case management conference this afternoon.
Story updated as the order was against Prateek Gupta, not Sanjeev Gupta.
