Trafigura Group was investigated by the US Division of Justice over commodity worth manipulation, in response to a submitting from a case involving one of many firm’s former oil merchandise merchants.
Ex-Trafigura dealer Charlotte Bamber entered right into a non-prosecution settlement with the DOJ in 2020, admitting to wire fraud and commodity worth manipulation whereas working on the agency, the submitting exhibits. Bamber has since breached the phrases of that settlement, in response to the submitting.
It’s unclear whether or not the investigation continues to be ongoing. The DOJ declined to remark, whereas Bamber was not reachable for remark.
“Trafigura assisted the DOJ in its investigation into Ms. Bamber’s conduct,” a spokesperson for the buying and selling home stated. “In respect of the prior investigation into market conduct, we undertook a evaluation with exterior counsel. No proof of improper buying and selling exercise by Trafigura or its staff was discovered.”
The DOJ investigation was first reported by the Swiss-French authorized weblog Gotham Metropolis.
“The US Division of Justice, together with by way of the Federal Bureau of Investigation, was investigating allegations that Buying and selling Agency A, and sure people at that agency, had been engaged in commodity worth manipulation,” in response to the submitting.
Trafigura, one of many world’s greatest impartial oil merchants, moved 6.6 million barrels a day of crude and petroleum merchandise in its 2022 monetary 12 months that ended Sept. 30. The corporate reported report income of $7 billion for that interval.
Final 12 months, US authorities reached a $486 million settlement with rival Glencore Plc over its conspiring to control US oil-price benchmarks from 2012-2016, together with the Platts gasoline oil market.