Trafigura Is Using Late Founder as Scapegoat on Bribes, Son Says [BNN Bloomberg (Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: BNN Bloomberg
Trafigura last month admitted that Dauphin had approved bribe payments in Brazil, as part of an agreement with the US Department of Justice in which the company also pleaded guilty to a foreign bribery scheme. Trafigura's guilty plea capped off a series of investigations targeting widespread corruption at the world's biggest commodity traders, with rivals Vitol Group, Glencore Plc and Gunvor Group Ltd. already having admitted wrongdoing in separate cases. Guillaume Dauphin, the Trafigura founder's son, told Bloomberg that the Dauphin family was not involved in the company's discussions with the DOJ. “Frankly speaking it does seem a bit fortunate to blame everything on the guy who is not there to answer,” he said. The public schism between Trafigura's current management and the Dauphin family, which has eschewed publicity in the decade since the founder's death, shows how the issue of corruption continues to reverberate through the commodity trading world. Trafigura's plea agr
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