City AM reported that 2 Balli Steel executives have been convicted of using forged documents to mislead banks into lending the bankrupt commodities trader GBP 122million. A jury at Southwark Crown Court today found Balli Steel executives Ms Melis Erda and Mr Louise Worsell guilty on six counts of fraud. Mr Worsell, the managing director of Balli’s UAE business, and Ms Erda, group treasurer at the firm’s London headquarters, now face up to ten in prison for each count at sentencing in April this year. The convictions mark a rare win for the UK’s Serious Fraud Office after it first launched its investigation into the firm almost a decade ago. The convictions follow Balli Steel chief executive Mr Nasser Alaghband’s decision to plea guilty to one count of fraudulent trading. The London-headquartered trader Balli Steel bought and sold steel around the world using short-term loans from trade finance banks to fund its deals. The firm, however, collapsed in 2013, having accrued $500m in debts owed to more than 20 banks, leading to the launch of an investigation by the SFO. The SFO’s investigation revealed falsified documents had been produced under the name of Balli’s own in-house shipping company, Trans Ocean Navigation. Balli’s control and ownership over TON was, however, concealed from the steel trader’s creditors, despite the fact the shipping firm was operated from Balli’s Marylebone offices.