Justice Department's Investigation into International Commodities Trading Companies' Foreign Bribery
Justice Department’s Investigation into International Commodities Trading Companies’ Foreign Bribery Schemes Results in Six Corporate Resolutions and 20 Individuals Convicted
Thursday, March 28, 2024
Office of Public Affairs
Aggregate Fines, Forfeitures, and Other Penalties Total More Than $1.7B
https://www.justice.gov/opa/pr/justice-departments-investigation-international-commodities-trading-companies-foreign
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The Justice Department announced today that its long-running investigation into international commodities trading companies that paid bribes to win business with state-owned and state-controlled oil companies in Latin America and Africa has resulted in six corporate resolutions, 20 convictions of individuals, and total fines, forfeitures, and other penalties of more than $1.7 billion.
Since 2017, the Criminal Division’s Fraud Section’s Foreign Corrupt Practices Act (FCPA) Unit, in partnership with U.S. Attorneys’ Offices across the country, the Money Laundering and Asset Recovery Section, and the FBI, has been investigating corruption committed by international commodities trading companies, which paid millions of dollars in bribes to corrupt government officials to secure billions of dollars in business with state-owned enterprises.
Through this work, the Criminal Division has entered into six corporate resolutions, which have included mandatory cooperation, disclosure, and compliance obligations and resulted in total fines, forfeitures, and other penalties of more than $1.7 billion:
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Applegrove:
Firms are lining up to bribe and graft the world when Trump gets power. There will be nowhere to invest that will not involve kickbacks. Do the banksters know this? Do the CEOs? Part of why they are so successful is corporations being transparent and well regulated in the last century. Why are you copying the economies of Russia and other autocrats by supporting Trump?
