BREAKING: With 84 votes in favor the National Assembly has approved the privatization of the Central Bank of Ecuador.
This law places Ecuador's main financial institution in the hands of bankers and will force the state to subsidize capital flight. pic.twitter.com/W31s5yB6Kp— Ecuador On Q (@Ecuador_On_Q) April 23, 2021
Article: The Vitol Enforcement Action: Part 1 – Market Manipulation Through Corruption
Article - Media, PublicationsThe Vitol Enforcement Action: Part 1 – Market Manipulation Through Corruption
Thomas Fox, 07 December 2020
Last week the Department of Justice (DOJ) settled a multi-part enforcement action, partly involving the Foreign Corrupt Practices Act (FCPA), with Vitol Inc. (Vitol), the US subsidiary of Vitol Holding II SA. Vitol agreed to pay a combined $135 million to resolve matters.
Interestingly, also included in the overall settlement was a disgorgement of more than $12.7 million to the Commodity Futures Trading Commission (CFTC) in a related matter and a penalty payment to the CFTC of $16 million related to trading activity. The FCPA component was settled via a Deferred Prosecution Agreement (DPA) and Criminal Information (Information). Continue reading “Article: The Vitol Enforcement Action: Part 1 – Market Manipulation Through Corruption”
Article: Vitol to pay $95.7 million to settle fraud, market manipulation charges
Article - Media, PublicationsVitol to pay $95.7 million to settle fraud, market manipulation charges
Reuters Staff, 04 December 2020
WASHINGTON (Reuters) – Energy and commodities trading firm Vitol Inc has agreed to pay $95.7 million to settle charges of corruption-based fraud and attempted market manipulation, the U.S. Commodity Futures Trading Commission on Thursday.
Houston-based Vitol did not admit or deny the charges, but agreed to pay the civil penalties related to making bribes and offering kickbacks to employees of certain state-owned entities in Brazil, Ecuador and Mexico in exchange for “preferential treatment and access to trades,” the regulator said.