Trafigura Group expects $1.1 billion loss due to employee fraud in Mongolian oil operations, requiring restated earnings and CEO departure.
Trafigura Group anticipates a $1.1 billion loss linked to alleged employee fraud in its Mongolian oil operations, involving data manipulation and concealed debts over five years. This incident, discovered in late 2023, may require restating past earnings. The company's CEO, Jeremy Weir, is set to step down amid these challenges. Trafigura plans to record the provision in its upcoming annual report and is taking disciplinary measures against implicated individuals.
October 30, 2024
7 Articles