Trafigura Faces Guilty Plea and Fine in U.S. for Bribery Activities in Brazil

In Short:

Trafigura Group, a commodities behemoth headquartered in Singapore, is poised to admit guilt to charges in the United States stemming from bribery activities in Brazil, as announced by the company in late March. It has agreed to a fine of $126 million as part of a plea deal, which is anticipated to be submitted in a federal court in Miami.

This development underscores a wider trend of corruption cases within the commodity trading sector, shedding light on a significant issue of bribery surrounding oil contracts. It represents a continuation of legal actions targeting some of the largest commodity trading houses globally.

Recently, a longstanding executive of the company that is also a prominent metals trader was charged in Switzerland in connection with allegations of bribing public officials in Angola.