Trafigura discloses $1.1 billion potential hit for ongoing Mongolian petroleum fraud saga

Discovery prompts employee suspensions and potential management changes.

Commodity trading giant Trafigura Group is setting aside $1.1 billion after an internal review discovered fraud by individuals in its Mongolian petroleum products supply business, the commodity trader said in a public written statement.

“The misconduct included manipulation of data and documents, resulting in inflated sums being paid by Trafigura, and

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