Vitol Pays $135 Million to Solve Allegations of Oil Bribes

Vitol’s US subsidiary agreed to pay $135 million on Thursday afternoon to solve allegations by the Trump administration that the energy trader paid bribes in Brazil and different nations in Latin America to boost its oil trading business.

Vitol’s US subsidiary agreed to pay $135 million on Thursday afternoon to solve allegations by the Trump administration that the energy trader paid bribes in Brazil and different nations in Latin America to boost its oil trading business.

A prosecutor told a judge in Brooklyn that $45 million of the total payment would go to authorities in Brazil in order to solve allegations in that country.

The media outlet also pointed out that under the three-year deferred prosecution deal, the Swiss trading firm agreed to improve internal reporting and compliance functions and to disgorge an undisclosed amount of gains to American trading regulators.

A Brazilian prosecutor said that the company paid roughly $8 million in bribes to employees at Petrobras from 2005 to 2014 in order to buy fuel from the company at artificially low prices or sell it at inflated prices.

A spokeswoman for Vitol said that the company didn’t have an immediate comment. In the past, it has said it has a zero-tolerance policy for bribery and corruption.


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