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.<\/p>\n
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.<\/p>\n
“This draws to a close any investigation by the Brazilian authorities into Trafigura,” the company stated in its announcement.<\/p>\n
The resolution follows agreements with Brazil’s Federal Comptroller General, Federal Attorney General, and Federal Prosecutor’s Office.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
It is also investigating a suspected fraud in Mongolia that saw $1.1 billion disappear from its oil products trading business.<\/p>\n","protected":false},"excerpt":{"rendered":"
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