Trafigura reaches agreement on U.S. DOJ Investigation

Singapore, 28 March 2024 - Trafigura has resolved a previously disclosed investigation by the U.S. Department of Justice (“DOJ”) into conduct of former employees or agents in Brazil, that took place approximately 10 or more years ago. This conduct was and is inconsistent with the company’s principles, contractual terms and Code of Conduct.

As part of the resolution, and under the terms of the plea agreement, Trafigura Beheer BV, the parent company of Trafigura Group during the relevant period, will pay a total amount of approximately USD127m.

As noted in the agreement, the DOJ credited Trafigura “because it cooperated with the investigation and demonstrated recognition and affirmative acceptance of responsibility.” The DOJ also recognized Trafigura’s proactive decision to end the “use of third-party agents” for business origination in 2019 and its development and implementation of “enhanced risk-based policies and procedures” related to anti-corruption and compliance monitoring in reaching its decision not to appoint an independent monitor.

This draws to a close the DOJ’s investigation of Trafigura.

Jeremy Weir, Executive Chairman and CEO of Trafigura said: “These historical incidents do not reflect Trafigura’s values nor the conduct we expect from every employee. They are particularly disappointing given our sustained efforts over many years to embed a culture of responsible conduct at Trafigura."

“We are pleased the DOJ recognised the steps we have taken to invest in our compliance function: enhancing our policies, procedures, processes and controls and from 2019, prohibiting the use of third parties for business origination. Continuous improvement of our compliance programme and high standards of ethical behaviour will remain priorities for the Group.”

ENDS

For further information please contact:

Trafigura’s Press Office: +41 (0) 22 592 4528 or media@trafigura.com

About Trafigura 

Trafigura is a leading commodities group, owned by its employees and founded 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and our worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through H2Energy Europe and joint venture Nala Renewables. 

The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and our Impala Terminals joint venture. The Group employs over 12,000 people and is active in 156 countries. 

Visit: www.trafigura.com