Metal tycoon sued over missing $577 million in nickel told cargo inspectors he'd had a heart attack, report says
A metal tycoon facing a lawsuit over $577 million in missing nickel told inspectors he'd had a heart attack two days before a cargo was due to be checked, according to a Financial Times report.Prateek Gupta and companies associated with him, including TMT Metals and UIL Malaysia. It alleges some of the nickel shipments arranged with the Indian businessman didn't actually contain any of the pricey metal, in what it has described as a systematic fraud.
Just two days before the inspection was due, Gupta sent a WhatsApp message to Oikonomou saying he had had a heart attack, per the FT. The businessman then allegedly attempted to bargain with the nickel trader in a bid to delay the inspection in Rotterdam. A full container of nickel, typically traded in large volumes, can be worth roughly $500,000. Carbon steel tends to be priced at about 5% of the value of the costlier metal.
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