Following the revelations of commodity trading giant Vitol’s widespread bribery schemes in Latin America, an NGO has called for more stringent and “tailored” regulations to be imposed on Swiss commodity traders.
Earlier this month, Vitol agreed to pay US$135mn to US and Brazilian authorities after admitting it had bribed officials in Brazil, Mexico and Ecuador, muscling out competitors and gaining contracts from the countries’ state-owned oil firms in the process.
The US Department of Justice (DoJ) investigation charged Vitol with paying out millions to officials at Brazilian state-owned oil company Petrobas, as well as Ecuador’s Petroecuador and Mexico’s Pemex, over a 15-year period.
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