Global commodity trader Trafigura expects to set aside a $1.1 billion provision against misconduct by individuals in its Mongolian petroleum products supply business after an internal review, it said on Wednesday.
"The misconduct included manipulation of data and documents, resulting in inflated sums being paid by Trafigura, and deliberate concealment of overdue receivables," its statement said.
"We are bitterly disappointed by the misconduct in our Mongolian oil business," Trafigura Executive Chair and CEO Jeremy Weir said.
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