How One of the Tiniest Oil Markets Cost Trafigura Over $1 Billion.

Trafigura Group, a major commodity trading company, faced a significant loss of over $1 billion in Mongolia due to suspected fraud by its employees. The company's internal controls have come under scrutiny, and questions have been raised about the delayed disclosure of the situation. Trafigura's profitable niche in Mongolia, where it supplied a third of the country's oil products, turned sour as financial discrepancies emerged, leading to a substantial provision of $1.1 billion in its financial results. [Extracted from the article]