Rasmala Trade Finance Fund v Trafigura Pte Ltd

Facts

Rasmala Trade Finance Fund financed coal trading by Farlin Energy & Commodities FZE under a Murabaha Facility Agreement dated 16 July 2017. Between August 2017 and March 2018 it made five payments to Trafigura Pte Ltd, a commodities trader, totalling over $22.6m. Rasmala believed it was paying for specific coal contracts between Farlin and Trafigura, but Farlin had committed a fraud and the contracts were forged or manipulated. Trafigura understood that Rasmala was a financier paying on Farlin's behalf. It required Farlin to supply Third Party Agreements (TPAs) confirming that the payments could be applied to Farlin's oldest debts. Rasmala's signature on these was forged, and no TPA was ever received for the fifth payment. Trafigura applied the money to Farlin's existing indebtedness, which kept Farlin within its credit limit, and went on trading with Farlin under new contracts worth just under $60m. When trading ended it was owed slightly more than before the first payment. Rasmala sued for restitution in unjust enrichment and, alternatively, on a constructive trust. Rajah J, after a trial in March and April 2025, found that Trafigura had been enriched at Rasmala's expense by payments made under a mistake. He nevertheless dismissed the claim because Trafigura had established a change of position defence. Rasmala appealed with permission granted by Miles LJ.