Reported 24 days ago
Trafigura Group, a major commodity trading firm, is dealing with a potential loss of up to $1.1 billion linked to fraudulent activities by employees in Mongolia. Despite making up less than 0.3% of Trafigura's oil trading, the Mongolian market's crisis was exacerbated by significant overdue debts reportedly concealed by staff. This revelation has drawn concerns about the company's internal controls and has surfaced following a previous scandal involving nickel fraud. Trafigura is currently investigating the situation while also halting new business in the country.
Source: YAHOO