Trafigura Facing $1.1B In Losses After Multi-Year Fraud

Back in June, we reported that Singapore-based oil and commodities trading powerhouse Trafigura Group was still dealing with the fallout of a massive nickel scam that rocked global metal markets in 2023, as well as the effects of past corruption scandals. Trafigura has grown into one of the biggest diversified commodities traders in the world: last year, the firm traded an average of 5.5 mn barrels of oil a day--the equivalent of the combined oil demand of the UK, France and Germany--and sold more than 100 million tonnes of metals and bulk commodities,…