A legal conflict has intensified between Lombard Trading International Corp. and TOI Commodities S.A., a Swiss subsidiary of Trans-Oil Group. Lombard is accusing TOI of “civil theft” related to a 2023 transaction involving over 33,000 tons of Argentine soybean meal. The company alleges that TOI failed to pay a $17.5 million debt for the shipment.
In a letter dated May 29, an attorney from Whisenand & Turner in Key Biscayne, Florida, issued a formal civil theft notice under Florida law against TOI. The letter claims that TOI has intentionally withheld funds owed to Lombard. “As of the date of this letter, no payment has been made,” the attorney said. The letter warns that TOI could face a lawsuit under Florida law for treble damages amounting to $52,660,070 if payment is not received promptly.
Lombard initially demanded payment in August 2024, noting that the outstanding balance had surpassed $19 million due to accrued interest and fees. Legal proceedings have since been initiated in Switzerland and with the Grain and Feed Trade Association (GAFTA) in the UK.
In November 2024, TOI Director Vaja Jhashi agreed to settle the dispute by paying within 60 days, but Lombard claims the amount remains unpaid. Demand letters were sent on May 6, May 21, and May 23, reiterating Lombard’s intent to collect.
A letter dated May 21 emphasized TOI’s obligation to pay by January 15, 2025. A subsequent letter on May 23 warned of consequences for non-payment by May 26, including potential legal actions in Geneva and London.
TOI Commodities S.A., involved in trading agricultural raw materials globally, has not publicly responded to these allegations.