Oct 30, 2024 · Following in-depth reviews, we are confident that this issue is isolated to a self-contained operation in Mongolia. Nonetheless, we are taking further actions to improve oversight and controls across the Group.

Oct 30, 2024 · Trafigura will make provisions of $1.1 billion after an internal review discovered fraud by individuals in its Mongolian petroleum products supply business, the commodity trader said on...

Mar 25, 2025 · Trafigura Group’s $1.1 billion loss in a suspected multi-year fraud in Mongolia was a “humbling experience,” the trading giant’s new chief said in his first public comments on the scandal.

Trafigura became Mongolia's key fuel supplier around 2014, according to the same sources. Erdenesuren worked in the CGAM’s risk department for several years until 2018, the sources said.

Nov 19, 2024 · Swiss trading house Trafigura is trying to track down $500 million in Mongolia following a year-long probe of staff and associates over a billion-dollar fraud scheme at its local fuel supply...

Oct 30, 2024 · Trafigura said it uncovered “serious misconduct” in its Mongolian oil business that could result in a loss of up to $1.1bn, dealing a blow to the Switzerland-based trading house as it...

Oct 31, 2024 · LONDON – Trafigura Group is preparing to take a US$1.1 billion (S$1.46 billion) hit after discovering what it suspects was fraud involving employees in its Mongolian oil business.

Mar 26, 2025 · Bank lenders to commodity trader Trafigura lost no money on the $1.1 billion Mongolia fraud discovered by the company because all losses have been absorbed by its shareholders, Trafigura Chief...

Mar 25, 2025 · Trafigura chief executive Richard Holtum says the commodity trading giant has undertaken a “significant governance and controls project” after suffering a US$1bn loss in a fraud scandal within its Mongolian oil business. Holtum says the review has been overseen by the company’s chief risk officer and chief operating officer, and has examined “what went wrong ...

Global commodity trader Trafigura expects to set aside a $1.1 billion provision against misconduct by individuals in its Mongolian petroleum products supply business after an internal review,...