{"id":333,"date":"2009-06-22T11:07:56","date_gmt":"2009-06-22T16:07:56","guid":{"rendered":"http:\/\/www.commerciallawinternational.com\/?p=333"},"modified":"2009-06-22T12:26:13","modified_gmt":"2009-06-22T17:26:13","slug":"ferrero-rocher-cleared-in-hazelnut-fraud","status":"publish","type":"post","link":"https:\/\/www.commerciallawinternational.com\/?p=333","title":{"rendered":"Ferrero Rocher Cleared In Hazelnut Fraud"},"content":{"rendered":"

By: Ainsley Brown<\/em><\/p>\n

\"439007_hazelnuts\"The world\u00b4s largest purchaser of hazelnuts and the maker of a very tasty treat, Ferrero Rocher<\/a>, has been cleared in the English courts of a \u00a320 million fraud.<\/p>\n

The suit was brought against the Italian chocolate company by the Bank of Tokyo Mitsubishi and others alleging that deceit<\/a>, negligent misrepresentation<\/a> and conspiracy<\/a> for a deal involving the purchase of hazelnuts. The allegations were that Ferrero Rocher participated in a fraud carried out by a Turkish company, Baskan Gida, between 2001-2002. Baskan Gida borrowed money from the banks\u00b4 London branch in order to purchase hazelnuts which it would in turn re-sell to Ferrero Rocher. However, it convinced the bank, using forged documents that Ferrero Rocher would repay it directly.<\/p>\n

Well as you can guess no such payment was forthcoming. And the bank brought suit convinced that it was defrauded in a plot by both Ferrero Rocher and Baskan Gida. No such conspiracy existed.<\/p>\n

The cost of defending this action was not cheap. As the Times reports \u00a8millions of pound were spent by each side.\u00a8 Was this money well spent?<\/p>\n

While there could be a very persuasive argument brought that this suit should have never been brought against Ferrero Rocher in the first place but since it was brought it had to fiercely defend against it. Fraud after all is an allegation against reputation \u2013 for a company commercial reputation is every thing.<\/p>\n

Related Posts:<\/h3>