Trafigura to Pay $126 Million and Plead Guilty to Brazil Bribes [BNN Bloomberg (Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: BNN Bloomberg
Trafigura is expected to enter the guilty plea in a federal court in Miami on Thursday, according to a person familiar with the matter, who asked not to be identified because the information is not yet public. Spokespeople for Trafigura and the Department of Justice both declined to comment. Trafigura's is the latest in a string of cases in which the world's biggest commodity trading houses have paid large fines to resolve charges of bribing government officials for oil contracts. The series of investigations has laid bare a shocking culture of corruption across the modern industry, which for years sought to distance itself from a reputation for bribery and wrongdoing that stretches back to the days of Marc Rich. Gunvor Group Ltd. this year agreed to pay more than $660 million to resolve bribery charges, while Vitol Group signed a deferred prosecution agreement in 2020, and paid $164 million after admitting that it had bribed officials in Ecuador, Mexico and Brazil. Glencore Pl
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