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Trafigura Bribery Settlement

Trafigura Admits to Bribery, Agrees to $127 Million Settlement

Posted on April 1, 2024
Writer: James Miller

Trafigura has agreed to a plea deal with the US Department of Justice, paying $127 million to resolve bribery charges. 

The settlement, announced on March 28 in a Miami federal court, includes a $80.4 million fine and a $46.5 million forfeiture. 

This marks the first time the commodity trading company has admitted to such practices.

Investigations revealed it bribed Brazilian officials to secure business, generating over $61 million in profits.

The Department of Justice criticized Trafigura for not fully cooperating at the investigation’s outset, particularly from 2003 to 2014. 

This case is part of the broader Carwash probe in Brazil, which has uncovered extensive corruption within the commodity trading industry. Trafigura’s CEO, Jeremy Weir, stated that the company has enhanced its compliance measures since 2019.

Additionally, Trafigura faces a separate corruption case in Switzerland as legal challenges continue for the company beyond the US borders.

For more information, check out the full article on Bloomberg.

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