Financial Crime Financial Crime

Balli execs robbed 'Peter to pay Paul' as part of $150 million 'fraud,' London court told

By Martin Coyle
  • 12 Sep 2022 14:11
  • 12 Sep 2022 14:11
Four former senior executives at Balli Steel, the collapsed Anglo-Iranian commodities trader, “robbed Peter to pay Paul” as part of a fraud that saw five trade finance banks lose $150 million, prosecutors told a London court today.

Jane Bewsey, opening the Serious Fraud Office-led criminal prosecution at Southwark Crown Court i

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Martin Coyle

Senior Correspondent

Martin Coyle is a senior correspondent, based in MLex's London office, reporting daily on bribery and corruption issues in the UK and Europe. Previously he was a senior editor at Thomson Reuters where he covered anti-money laundering, financial crime and regulatory enforcement issues. Prior to that he was editor of The Accountant, the world's oldest accounting publication, and International Accounting Bulletin, a bi-monthly business journal owned by Lafferty.

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