Trafigura Faces $1.1 Billion Hit in Mongolia After Fraud Probe.

Trafigura Group is facing a $1.1 billion loss due to suspected fraud involving employees in its Mongolian oil business. The company discovered that employees manipulated data and documents to inflate payments and conceal overdue debts over a five-year period. This loss, coming after a previous $500 million fraud revelation, may impact Trafigura's earnings and internal controls. Despite the significant financial hit, Trafigura is expected to report profits of around $2 billion for the year. [Extracted from the article]