SFO go again. Next up [after Glencore] are the Balli Steel executives and a $150 million fraud
Following the SFOs milestone sentencing of Glencore last week, the SFO’s work to investigate and prosecute the biggest and most complex cases of economic crime continues.
This week in court, they heard key witness evidence in the trial of four Balli Steel executives for over $150 million of fraud,
The SFO has heard witness evidence from a former employee of The Development Bank Singapore, one of the banks Balli is charged with defrauding.
The SFO’s investigation – opened after Balli collapsed in 2013 with debts of over £300 million – found evidence that the defendants had committed millions of pounds of steel trade fraud by lying and providing false documentation to several banks to secure fraudulent trade finance loans.
The SFOs recently opened trial of multiple defendants charged with bribery to secure property refurbishment contracts worth over £5 million continued.