Trafigura Nickel Fraud Would Not Happen at Glencore, CEO Says
- Nagle says Prateek Gupta is ‘not a counterparty’ of Glencore
- Trafigura has said alleged fraud could cost it $577 million
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Glencore Plc has no exposure to the Indian businessman accused by rival Trafigura Group of perpetrating a nickel fraud of more than half a billion dollars.
Gupta and his companies are “not a counterparty of our company,” Glencore Chief Executive Officer Gary Nagle told journalists on Wednesday. “So we do not have any exposure to that group.”