Rasmala Trade Finance Fund v Trafigura Pte Limited

Rasmala, a UAE-based trade financier, sued Trafigura over five payments totalling $22 million made to Trafiguras Deutsche Bank London account, alleging Trafiguras complicity in Farlin Energy and Commodities FZEs fraud and unjust enrichment. Trafigura, a Singapore-based commodities trader, had long traded with Farlin and believed the payments discharged Farlins debts based on Farlins statements and forged tripartite agreements. Rasmala sought to amend its pleadings to include similar fact evidence about other bank-financed transactions, arguing they showed Trafiguras knowledge or wilful blindness. The judge contrasted the fictitious Rasmala-financed shipments (no coal, forged documents) with the real cargo transactions where banks obtained bills of lading under Trafiguras undertakings, finding the latter dissimilar and of minimal probative value. The court held there was insufficient evidence to allege Trafiguras knowledge of fraud, rejected the Ponzi scheme characterization, and, on case management grounds, refused the amendments and granted strikeout, confining the case to the Rasmala Payments.