Vitol pays $160 million to settle Petrobras related fraud case
Vitol is the world's largest independent trader of oil, shifting eight million barrels of oil products a day.
Keystone / Martial Trezzini
Geneva-headquartered oil trading giant Vitol has paid a $164 million (CHF146 million) penalty to settle a criminal probe into bribery and market manipulation in Latin America.
This content was published on
2 minutes
swissinfo.ch/mga
Português
pt
Gigante suíça paga 160 milhões para se safar da Lava-Jato
The bribery allegations surfaced during the “Operation Carwash” corruption probe into Brazilian state energy company Petrobras. This led to a United States indictment that accused Vitol employees of bribing officials in Brazil, Ecuador and Mexico.
While Vitol was not obliged to plead guilty to the charges under the terms of the deferred prosecution agreement, it did acknowledge that it had behaved improperly.
“We understand the seriousness of this matter and are pleased it has been resolved. We will continue to enhance our procedures and controls in line with best practice,” said CEO Russell Hardy in a statement.
The US Department of Justice (DoJ) has agreed to defer prosecution for three years and to drop the charges if Vitol takes action to ensure more compliant business operations in future.
The indictment accused Vitol’s US business unit of paying $8 million in bribes to Brazilian officials to secure contracts from Petrobras. Further bribes are alleged to have been paid in Mexico and Ecuador over a 15-year period.
In addition, the indictment said Vitol had attempted to rig oil benchmarks to manipulate market prices. Vitol is the world’s largest independent oil trader, handling around eight million barrels of oil and refined fuels per day.
The DoJ is also investigating commodity traders Trafigura and Glencore in relation to the Petrobras scandal.
Living longer: What do you think about the longevity trend?
The longevity market is booming thanks in part to advances in the science of ageing. What do you think of the idea of significantly extending human lifespan?
Situation in Swiss landslide valley remains unstable
This content was published on
Authorities in Valais said on Thursday that it was still too dangerous to begin clear-up activities around the village of Blatten.
Spar Switzerland put up for sale by South African owner
This content was published on
Talks with potential buyers of the 360-plus Spar stores in Switzerland are underway, but it’s not clear who’s in the running.
Further villages in Swiss landslide area avoid damage for now
This content was published on
Due to the build-up of a lake behind the debris in Blatten, canton Valais, parts of neighbouring villages have been evacuated as a precaution.
Glacier collapses burying large parts of Swiss village Blatten
This content was published on
A gigantic avalanche of ice, mud and debris has buried a large part of the village of Blatten after a major glacier collapsed.
Swiss government seeks better labour integration of Ukrainian refugees
This content was published on
The Swiss government has now set a goal of 50% of Ukrainian refugees to be in employment by the end of 2025, compared with 38% at present.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss prosecutors search Vitol and Trafigura offices as part of Car Wash probe
This content was published on
Swiss investigators have searched the Geneva offices of commodity traders Vitol and Trafigura at the request of Brazilian federal prosecutors.
Why Vitol boss will ‘kick butts’ to boost performance
This content was published on
If Vitol chief executive Russell Hardy’s sole focus were the company’s profit and loss account, he would have little to worry about.
Switzerland hands CHF365m Petrobras-Odebrecht assets to Brazil
This content was published on
Giving a summary of progressExternal link on the investigations on Tuesday, the OAGExternal link said the latest tranche of CHF9 million was sent to Brazil at the end of March “in favour of injured parties.” The “Operation Car Wash” investigation into the state-run Petrobras oil company and Odebrecht, Latin America’s largest construction company, is one…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.