The energy trading firm Vitol Inc., the US subsidiary of the Vitol group of companies, will pay a combined $135 million to resolve the Justice Department’s investigation into breaches of the Foreign Corrupt Practices Act (FCPA).
Between 2005 and 2020, Vitol paid millions of dollars in bribes to several public officials in Brazil, Mexico and Ecuador to retain business and secure illicit profits against its competitors. Vitol and other co-culprits paid over $8 million in bribes to some officials at Brazil’s state-run oil company Petróleo Brasileiro S.A. (Petrobras). In exchange, they received confidential Petrobras pricing and competitor information. Vitol paid the bribes through shell companies, fake invoices and offshore accounts.
In light of Vitol’s conduct, the US Department of Justice has levied a criminal penalty of $135 million on the company. Of this, $45 million will be credited to the department’s Brazilian counterpart who also conducted a parallel investigation into the matter. In addition, Vitol Inc. has agreed to continue its cooperation with the department in any ongoing investigations about this misconduct. It will also improve its compliance programs and update the department about the implementation of such programs.
Source: US Department of Justice