A legal battle between Lombard Trading International Corp. and Switzerland-based TOI Commodities S.A. has escalated sharply, with Lombard accusing TOI of “civil theft” and threatening a Florida lawsuit seeking more than $52 million in damages.
The dispute stems from a 2023 sale and shipment of more than 33,000 tons of Argentine extracted toasted soybean meal, for which TOI allegedly failed to render payment.
In a May 29 letter addressed to TOI Commodities, an attorney with the law firm Whisenand & Turner, based in Key Biscayne, Fla., issued a formal civil theft notice under Florida law, citing TOI’s alleged failure to pay a $17.5 million debt related to a 2023 soybean meal transaction.
The letter accuses TOI of knowingly and intentionally withholding funds owed to Lombard.
“As of the date of this letter, no payment has been made,” the attorney wrote. “The amounts due are past due, and you have knowingly and intentionally retained the funds that belong to Lombard, thereby wrongfully depriving Lombard of its use, possession, dominion and control of the funds.”
The letter said that TOI is now at risk of being sued under a Florida law which allows for treble damages in civil theft cases.
“If payment is not timely received, Lombard will pursue this cause of action under Fla. Stat. 772.11 for civil theft against TOI as permitted by law, for treble damages of US$52,660,070, plus any additional damages as appropriate, and pre and post judgment interest and attorney’s fees and costs,” the attorney wrote.
Lombard first issued a demand for payment in August 2024, noting that the balance due had exceeded $19 million with accrued interest, collection costs and attorney’s fees.
Lombard has since filed legal proceedings in Switzerland and with the Grain and Feed Trade Association (GAFTA) in the United Kingdom.
In November 2024, TOI Director Vaja Jhashi entered into a settlement agreement with Lombard, pledging to pay the amount within 60 days.
That agreement included a formal statement signed off on by Jhashi noting, “TOI is willing to irrevocably commit to make a payment to Lombard to settle the Parties' dispute on the terms and conditions.”
A later addendum to the agreement required full payment by Jan. 15, 2025. However, Lombard alleges that the amount remains unpaid.
According to billing records, the balance has been due since September 2023.
A series of demand letters were sent by the attorney on May 6, May 21 and May 23, all reiterating Lombard’s intent to collect.
“TOI Commodities S.A. (‘TOI’) had an obligation to pay in full the stated principal (US$17,553,356.66) on or before January 15, 2025, and interest in full on or before January 31, 2025. TOI failed to make any payment. TOI is in further intentional default and breach of its obligations under the referenced documents,” a letter to TOI Commodities S.A. sent on May 21 reads.
In the May 23 letter prior to the latest notice, the attorney warned TOI of mounting consequences, calling the failure to pay “civil theft” and stated that TOI could be on the hook for as much as $52 million.
“If TOI does not make an absolute commitment to pay the Principal amount and for Lombard to receive the Principal amount no later than May 26, 2025,” the May 23 letter read, “Lombard shall activate and aggressively pursue all actions appropriate to cause TOI’s payment,” including legal proceedings in Geneva, London, and potentially a civil theft claim in Miami.
TOI Commodities S.A., a Swiss subsidiary of Trans-Oil Group, has not responded publicly to the allegations.
TOI Commodities is involved in the international trade of agricultural raw materials, including grains, oilseeds, dairy products and edible oils. The company also manages and charters vessels to support its global operations.
In 2023 TOI Commodities S.A. was certified as an animal feed importer in Switzerland, enabling it to market animal feed domestically and supporting Trans-Oil Group’s expansion into new markets like China.
Lombard Trading International Corp., based in the United States, is an international exporter of agro-commodities. It sources products from producers and suppliers and delivers them to importers and buyers worldwide.