LONDON: A London judge agreed on Friday to extend a freezing order on assets of the wife of Indian businessman Prateek Gupta in addition to a $625 million global order already in effect on her husband and his firms. Commodity trading firm Trafigura, which sought the order, said in February it had booked a $577 million charge relating to what it alleges is “systematic fraud” by Gupta’s companies over nickel cargoes.
Freezing orders are injunctions granted by the English courts to restrain individuals or businesses from disposing of or dealing with assets on a worldwide basis. Lawyers for both sides at a virtual court hearing on Friday agreed that Ginni Gupta was not alleged to have committed any offences, although a Trafigura lawyer added they did not believe she was “a wholly innocent bystander”. Gupta’s representatives have said they are preparing “a robust response” to the fraud allegations. The court has given them a deadline of June 2 to file an application to remove the freezing order.
Freezing orders are injunctions granted by the English courts to restrain individuals or businesses from disposing of or dealing with assets on a worldwide basis. Lawyers for both sides at a virtual court hearing on Friday agreed that Ginni Gupta was not alleged to have committed any offences, although a Trafigura lawyer added they did not believe she was “a wholly innocent bystander”. Gupta’s representatives have said they are preparing “a robust response” to the fraud allegations. The court has given them a deadline of June 2 to file an application to remove the freezing order.