Between 2007 and 2009, Euro-Asian engaged in four transactions with Mr Igniska’s companies importing and distributing gasoil in Romania. Because Mr Igniska’s companies had limited credit lines, he was only able to finance the purchase of relatively small cargoes. Mr Igniska wanted to purchase larger quantities and Euro-Asian agreed to a scheme whereby it would buy cargoes of gasoil from various companies for delivery “CIF Constantza”. Mr Igniska would negotiate such deals and Euro-Asian would decide whether it would agree to enter the contracts as purchaser. If so, it would sell those cargoes to a company owned by Mr Igniska, such as Abilo, on extended payment terms. On this basis, Mr Igniska would organise the discharge of the cargo in Constanza and arrange for the oil terminal to issue an in-tank “holding and title certificate” (“holding certificate”), confirming that it held the cargo in Euro-Asian’s name and under pledge to Euro-Asian’s financing bank. The product would then be released in parcels to Mr Igniska’s companies on payment by instalments.2 The way in which the said four transactions were performed was described as a “carousel”, whereby the documents (notably the holding certificate), tendered under one transaction related to the cargo delivered and discharged under the previous transaction.