Vitol has reached agreement with US and Brazilian authorities in respect of certain conduct in Brazil and other jurisdictions. As part of this agreement Vitol will pay a settlement amount of $163.8 million.
In respect of the US Department of Justice (DOJ) Vitol has entered into a Deferred Prosecution Agreement (DPA) in relation to certain conduct in Brazil, Ecuador and Mexico. In respect of the Commodity Futures Trading Commission (CFTC), a settlement has been reached in relation to an Order Instituting Proceedings, and in relation to the Brazilian authorities, Vitol has entered into a Leniency Agreement.
Russell Hardy, CEO, Vitol said; “Vitol is committed to upholding the law and does not tolerate corruption or illegal business practices. As recognised by the authorities, Vitol has cooperated extensively throughout this process. We understand the seriousness of this matter and are pleased it has been resolved. We will continue to enhance our procedures and controls in line with best practice.”