RLC instructed by the Serious Fraud Office in the prosecution of Balli Group PLC

September 20, 2022

Jane Bewsey KC leading Tom Payne, Mary Cowe ( Associate Tenant) and Dr. Alexis Dite have been instructed in the prosecution of the Balli Group.

Five executives have been charged with fraud offences and financial misconduct in relation to the activities of Balli Group Plc and its subsidiary Balli Steel Plc.

It is alleged that the former steel company falsified documents and created fake trades to defraud five trade finance banks out of US$150mn in order to keep the struggling trader afloat.

Charges include conspiracy to defraud the 5 trade finance banks and fraudulent trading.

Nasser Alaghband, Balli’s CEO at the time, pleaded guilty in June to one count of fraudulent trading and is not on trial with the remaining four defendants.

The Balli group companies went into administration in April 2013 with a combined deficit of more than £328mn including debts owed to 18 trade finance banks. The defrauded trade finance banks listed in the indictment include Rabobank, ABC International Bank, KBC Bank, DBS and The Economy Bank (TEB)- a now-defunct subsidiary of BNP Paribas. DBS- the Singaporean bank was owed just over £70mn when Balli was liquidated.

The trial which is currently taking place at Southwark Crown Court is expected to last until early January next year.