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December 3, 2020

Posted  December 3, 2020

The U.S. affiliate of one of the world’s largest energy trading firms has agreed to resolve investigations by U.S. and Brazilian authorities into alleged violations of the Foreign Corrupt Practices Act by paying a combined $135 million, as well as an additional $16 million in penalty and $12.7 million in disgorgement to the CFTC.  From 2005 to 2020, Vitol Inc. allegedly paid millions of dollars in bribes to government officials in Brazil, Ecuador, and Mexico in order to obtain competitive advantages.  Many of the bribes were paid to officials at Brazil’s state-owned and state-controlled oil company, Petróleo Brasileiro S.A., through a series of intermediaries, fictitious companies, fictitious email accounts, and code names.  This is the first action involving foreign corruption that was brought by the CFTC.  CFTC; DOJ; USAO EDNY

Tagged in: Criminal Proceedings, FCPA,

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