United States: Vitol pays $164 million to resolve U.S. allegations of oil bribes in Latin America

Vitol Group’s U.S. subsidiary agreed to pay $164 million to resolve probes by the U.S. government that the energy trader paid bribes in Brazil and other countries to boost its oil trading business, the U.S. Department of Justice said on Thursday.

Under a three-year deferred prosecution agreement, the Swiss trading firm admitted guilt and agreed to improve internal reporting and compliance functions.

Vitol, run out of London, is the world’s largest independent oil trader, trading some 8 million barrels of oil a day.

“Vitol paid bribes to government officials in Brazil, Ecuador and Mexico to win lucrative business contracts and obtain competitive advantages to which they were not fairly entitled,” Acting U.S. Attorney Seth DuCharme of the Eastern District of New York said in a statement.

The original full article can be found at reuters.com

(Photo: REUTERS/Denis Balibouse/File Photo)

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