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Gupta informs court he has run out of money, wants to settle Trafigura scams case

Legal representatives for entrepreneur Prateek Gupta, implicated of scams by commodity trader Trafigura, told a London court on Tuesday he has lacked funds to pay legal charges and wants to work out a settlement.

Geneva-based Trafigura filed a claim against Gupta in February last year, declaring 7 companies that Trafigura stated are controlled by him performed methodical scams including what were supposed to be nickel freights.

Trafigura reserved a disability last year of $590 million due to the supposed scams.

They are having difficulties ... in moneying the remainder of the lawsuits, lawyer Barnaby Lowe told the London Commercial Court regarding his customer Gupta and his companies.

Justice Simon Picken denied a request by Gupta for a. suspension of court procedures for 8 to 12 weeks, which. Lowe said was required to discover brand-new sources of financing and allow. negotiations for a settlement.

Picken stated it was necessary not to disrupt the existing. process of disclosure ahead of a trial likely to be held next. year and that a suspension may be considered later on.

A court file filed by Trafigura stated that Gupta's. legal representatives have actually not been paid since August of last year.

Lowe said Gupta wanted to discover further funds from third party. receivables worth $191 million and a claim he made in Australia. worth $240 million.

Gupta stopped working to fulfill a due date of Feb. 24 to make an. interim payment of 330,000 pounds to Trafigura in costs after a. judge last December denied Gupta's quote to raise an international freeze. worth $625 million on his personal and service assets that has. been in place because February 2023.

Trafigura said on Tuesday it did not oppose negotiations in. concept, but were sceptical about the motives in requesting a. suspension.

Trafigura doubts the ... genuineness to engage in such a. worked out dispute resolution process and presumes that this is. yet another delaying strategy, a court document filed by. Trafigura stated.

There is a long history of settlement offers ... and absolutely nothing. has actually come of it, David Peters, an attorney representing Trafigura,. informed the court.

Numerous pages of new documents were released in. connection with the December hearing consisting of WhatsApp messages. and e-mails that Gupta in his defence said program Trafigura staff. created the fraud. Trafigura and its personnel have denied the. claims.

(source: Reuters)