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Trafigura’s $1.1 Billion Mongolia Fraud Was ‘Humbling,’ CEO Says

Summary by Bloomberg
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.

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Trafigura’s $1.1 Billion Mongolia Fraud Was ‘Humbling,’ CEO Says

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.

·United States
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Global Trade Review (GTR)Global Trade Review (GTR)

Trafigura launched governance overhaul after “humbling” Mongolia fraud

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 [and] how we can make sure it doesn’t happen again”, he told the Financial Times Global…

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Bloomberg broke the news in United States on Tuesday, March 25, 2025.
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