- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-07T20:49:00
Singapore-based commodity trading company Trafigura said it will disclose a $127 million provision related to the resolution of a Department of Justice (DOJ) investigation into alleged improper payments made in Brazil by former employees.
Trafigura published a statement Wednesday acknowledging the reserve, which it said it would disclose in its upcoming 2023 annual report. The company has been under investigation by regulatory authorities in the United States, Brazil, and Switzerland related to potential bribes paid via third parties it said occurred approximately 10 or more years ago.
The company said it remains involved in an ongoing civil case in Brazil, where allegations against it first surfaced as part of a plea agreement by a convicted former employee.
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Singapore-based commodity trading company Trafigura will pay $55 million to the Commodity Futures Trading Commission to settle charges related to fraud, manipulation, and impeding whistleblower communications with the agency.
Singapore-based commodity trading company Trafigura agreed to pay nearly $127 million as part of a resolution with the Department of Justice addressing violations of the Foreign Corrupt Practices Act in Brazil.
Freepoint Commodities agreed to pay nearly $99 million to settle allegations by the Department of Justice that it paid bribes to Brazilian government officials in return for business from state-owned oil company Petrobras.
Swedish telecommunications giant Ericsson announced the conclusion of the independent compliance monitorship imposed on the company following its 2019 settlement for violations of the Foreign Corrupt Practices Act.
Former Albemarle CCO Andrew McBride explained at Compliance Week’s 2024 National Conference how he led the company’s compliance department to remediate the issues that led to apparent FCPA violations and how the team used data analytics to assess risks and implement compliance solutions.
Swedish telecommunications company Ericsson announced its independent monitor appointed by the Department of Justice certified its compliance program satisfies the requirements ordered by the U.S. agency following its 2019 Foreign Corrupt Practices Act settlement.
