TRADER TRAFIGURA FINED USD127 MILLION FOR PETROBRAS BRIBES
April 10th, 2024
International commodity trading conglomerate Trafigura has been fined almost USD127 million in a US court after admitting to bribing officials at Brazilian state oil company Petrobras between 2003 and 2014 to gain and retain business, violating the USA Foreign Corrupt Practices Act (FCPA). Notably in 2009, the Swiss arm of the Singapore-based trading company agreed to bribes of up to 20 cents per barrel for oil products it traded with Petrobras. Trafigura used shell companies to conceal the payments, funnelling them through offshore bank accounts to ...
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