Trafigura Group was investigated by the US Department of Justice for manipulating commodity prices, according to a document in a case involving one of the company’s former oil products traders.
Former Trafigura trader Charlotte Bamber signed a non-prosecution agreement with the DOJ in 2020, admitting to wire fraud and commodity price manipulation while working at the company, the filing shows. Bamber has since breached the terms of that agreement, according to the filing.
It is unclear if the investigation is still ongoing. The DOJ declined to comment, while Bamber could not be reached for comment.
“Trafigura assisted the DOJ in its investigation into the conduct of Ms. Bamber,” said a spokesperson for the trading house. “In connection with the previous market conduct investigation, we conducted a review with an external advisor. No evidence of inappropriate trading activity by Trafigura or its employees was found.”
The DOJ investigation was first reported by Swiss-French legal blog Gotham City.
“The United States Department of Justice, including through the Federal Bureau of Investigation, was investigating allegations that Trading Company A, and certain individuals within that company, were involved in commodity price manipulation” , according to the presentation.
Trafigura, one of the world’s largest independent oil traders, moved 6.6 million barrels per day of crude oil and petroleum products in the 2022 financial year that ended Sept. 30. The company posted record profits of $7 billion during this period.
Last year, U.S. authorities reached a $486 million settlement with rival Glencore Plc for conspiring to manipulate U.S. oil price benchmarks between 2012 and 2016, including the market of Platts fuel oil.
