Trading giant Trafigura has agreed to a $75.8 million settlement to resolve a civil dispute related to a decade-long bribery scandal in Brazil, the company announced on Monday.
The settlement includes a $49 million payment to the Brazilian government and the $26.8 million previously credited as part of the company’s $126 million resolution with the US Department of Justice last year.
“This draws to a close any investigation by the Brazilian authorities into Trafigura,” the company stated in its announcement.
The resolution follows agreements with Brazil’s Federal Comptroller General, Federal Attorney General, and Federal Prosecutor’s Office.
While Trafigura initially disputed the charges, the commodities powerhouse pleaded guilty in a federal court in Miami last year to making “improper payments” to win business in the South American country starting approximately 10 years ago.
The US case stemmed partly from statements made by Mariano Marcondes Ferraz, a former Trafigura employee, as part of a plea agreement following his conviction in Brazil.
Trafigura continues to face separate legal challenges in Switzerland, where prosecutors have alleged that the trader failed to prevent alleged unlawful payments to an Angolan government official between 2009-2011 in exchange for lucrative oil trading contracts.
It is also investigating a suspected fraud in Mongolia that saw $1.1 billion disappear from its oil products trading business.
QCintel, 04/02/2025
