The Claimant SBM was the second largest bank in Mauritius, and stated it was the victim of a substantial fraud in the first half of 2018 and by which it was induced to advance trade finance under a finance agreement dated 12 November 2017 to the First Defendant , whose liabilities to repay were guaranteed by the Second Defendant under a personal guarantee of the same date.

SBM stated that the fraud arose from representations made to SBM that the relevant advances under the Facility Agreement were required to finance back-to-back contracts by which fuel oil would be purchased from the Third Defendant to whom the loan monies would be paid, and sold on to a Sri Lankan oil company, Lanka IOC Plc.