Metals Trader Denies Scamming ED&F Man In $285M Deal
Law360, London (September 12, 2019, 8:06 PM BST) -- Several metals trading companies are fighting back against ED&F Man's suit claiming that traders used fake warehouse receipts to get the commodities brokerage to buy $285 million worth of nickel, arguing that they played no part in the alleged plot.
Steven Kai Shing Kao, along with several companies he founded, lodged an amended defense with the High Court that posted Monday, claiming that the only evidence ED&F Man Capital Markets Ltd. gave in its complaint to support its forgery claim was “the unverified assertions of a third party,” logistics and warehousing company Access World.
The litigation stems from repurchase agreements worth $285 million...
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