Trafigura Faces $1.1 Billion Hit After Mongolia Fraud Probe
- Trader says it uncovered ‘serious misconduct’ by staff
- Trafigura to record provision, may restate prior accounts
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Trafigura Group is preparing to take a $1.1 billion hit after discovering what it suspects was fraud involving employees in its Mongolian oil business.
The loss, which could also force the commodity trading giant to restate prior earnings, comes less than two years since Trafigura rocked the industry with the revelation it lost more than $500 million in an alleged nickel fraud.