Fuel Wholesaler Sues Barclays Over 'Misappropriated' £8.5M

Law360, London (June 26, 2019, 7:12 PM BST) -- Barclays Bank PLC has been hit with a lawsuit from a now-defunct commodities wholesaler, seeking to claw back millions of pounds it claims a former director fraudulently transferred out of the business account the firm held with the bank.

Kezen Trade Israel Ltd., which entered liquidation in 2017, has accused Barclays at the High Court of stepping beyond its mandate when it followed an instruction from the firm’s then-director Valeriy Tovshtein to transfer £8.5 million ($9.4 million) from its business account to his personal account held with RosEnergoBank in Moscow in March 2013.

Kezen Trade said in an amended claim form,...

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