BREAKING: Vitol Pays $164 Million to Resolve U.S. Allegations of Oil Bribes in Latin America

Photo: Reuters

(Reuters) - 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 (DOJ) 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.

The energy trader will pay the Department of Justice (DOJ) a criminal penalty of $135 million to resolve the probes. Brazilian authorities will receive $45 million from that amount.

Vitol will also pay back the Commodity Futures Trading Commission (CFTC) over $12.7 million in ill-gotten gains, plus $16 million in fines, according to the DOJ statement.

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