Banque Internationale de Commerce Settles Balli Fraud Suit
Law360 reported that Switzerland's Banque Internationale de Commerce has settled a commercial fraud claim against three executives of Anglo-lranian
Law360 reported that Switzerland's Banque Internationale de Commerce has settled a commercial fraud claim against three executives of Anglo-lranian steel trader the Balli Group, in the latest development following an investigation into the company's collapse by the UK s Serious Fraud Office. The SFO announced its investigation into Balli Group on 3 May 2017 and charged five individuals with various fraud offences in relation to the activities of Balli Group Plc and Balli Steel Plc in Sepetember-Otober 2020.
SFO charged Nasser Alaghband, Vahid Alaghband, David Spriddell, Louise Worsell & Melis Erda for fraudulent trading in the carrying on of the businesses of Balli Steel Plc and Balli Group Plc with the intent of defrauding creditors. The charges relate to the issuance of letters of credit and documents that were false, misleading or deceptive to fund the purchase of steel by Balli Steel, according to details of the charges published by the court listings office. Before its collapse in 2013, Balli Group plc had been based in London. It conducted the majority of its trade out of Germany, the Czech Republic, Dubai and China.
Deloitte's initial administration report in April 2013 states that Balli Group plc and its subsidiaries had loaned significant sums to related parties between 2007 and 2012 to finance investments in non-core activities, specifically property and aviation, which were unsuccessful.