Editor’s Note:
This article has been updated following the receipt of additional information after publication. The update has been made in the interest of completeness and balance. The revised version is reflected across distribution channels, including search platforms.
Case Study Highlights the Importance of Due Diligence in Commodity Trading Partnerships
Business partnerships in the global commodities sector often rely on reputation, prior experience, and publicly available information. However, recent court filings in Serbia underscore the importance of independent verification and contractual safeguards, particularly in transactions involving advance payments.
Background of the Dispute
A commercial dispute involving Gazimpex d.o.o., a Serbia-based energy trading company, and Licena Group DMCC, a Dubai-registered commodities trader, is currently pending before the Commercial Court of Belgrade.
According to court records, Gazimpex filed claim No. P-1306 on March 24, 2025, alleging non-performance under a purchase and sale agreement related to a gasoil supply transaction. The proceedings remain ongoing, and no final judgment has been issued.
Parties Involved
Licena Group DMCC is headquartered in Dubai, with offices in Jumeirah Lakes Towers. The company operates as a trader of commodities including fertilizers, agricultural products, and energy-related commodities.
The company is led by Eghosa Oriaikhi Mabhena, its founder, CEO, and sole shareholder. Ms. Mabhena has a background in the energy sector and has previously held senior industry positions. She has also been publicly recognized through professional forums, leadership initiatives, and industry events.
Gazimpex d.o.o. is a Serbian company engaged in the trading of liquefied petroleum gas, natural gas, fertilizers, and related products, with operations based in Belgrade.
Transaction Overview
In 2024, Licena Group was introduced to Gazimpex through an industry intermediary. Following discussions, the parties agreed to a pilot gasoil transaction in November 2024.
Under the agreement, Gazimpex made a 100 percent advance payment, while Licena was responsible for sourcing the product from a third-party supplier and managing logistics through delivery.
According to Gazimpex:
On December 2, 2024, it transferred €2,020,817.50 to Licena
On December 11, 2024, an additional €401,054.55 was transferred
The total advance payment amounted to approximately €2.4 million, including banking fees
Licena confirmed receipt of the full payment on December 13, 2024, and advised that the transaction was expected to conclude within one to two months.
Developments and Delays
Gazimpex states that in early 2025 it was informed of changes to delivery timelines and port arrangements. Requests were made for shipping documentation and confirmation of supplier payments.
Licena advised that:
Payments had been made to the supplier
Shipment was pending due to logistical and freight-related issues
Alternative vessel arrangements were being explored
In February 2025, Licena informed Gazimpex that the original supplier would be unable to complete the transaction and proposed an alternative supplier. Licena later stated that a termination agreement with the initial supplier was in progress and that a refund of the supplier deposit was expected.
Gazimpex maintains that despite these communications and subsequent discussions, the advance payment had not been refunded within the indicated timeframes.
Legal Proceedings
On March 5, 2025, Gazimpex issued a notice of default requesting performance or repayment by March 15, 2025. When this did not occur, Gazimpex initiated legal proceedings against Licena Group DMCC in Serbia.
The case has been in litigation for several months. As of publication, the matter remains unresolved, and the claims have not been adjudicated by the court.
Editorial Clarification: Transaction Structure and Payment Terms
Following publication, information has been provided to the editorial team by one of the parties concerning the transaction structure previously described.
It has been represented to BR Media that references suggesting Gazimpex d.o.o. made a 100 percent advance payment may not accurately reflect the payment arrangements. According to materials submitted to us, Gazimpex is stated to have transferred approximately 10 percent of the transaction value to a third-party supplier, with the remaining funds governed by contractual arrangements between the parties. These representations have not been independently verified by this publication.
We have further been informed by the same source that, under the agreement, Licena Group DMCC was responsible for supplier coordination and logistics, and that proceedings before the Dubai Courts, as described to us, determined that the supplier failed to perform and that Licena Group DMCC was not found to be in possession of Gazimpex’s funds. This information is reported as received and is not asserted as fact by this publication.
This clarification is published for the purpose of reflecting information provided to the editorial team and does not constitute a finding of fact, legal conclusion, or endorsement of any party’s position. Proceedings before the Commercial Court of Belgrade remain ongoing, and no final determination has been issued at the time of publication.
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Industry Context
Advance-payment commodity trades are common in international markets but carry heightened counterparty and execution risk. Industry professionals note that such transactions typically require enhanced due diligence, verification of supplier arrangements, and contractual mechanisms designed to mitigate exposure.
As part of our job as responsible journalists, we wanted to bring this to your attention.
Editorial Note
This article does not assert liability or wrongdoing and should not be interpreted as legal or financial advice. Readers are encouraged to conduct their own due diligence, seek professional counsel, and rely on verified documentation when evaluating business relationships.