TRAFIGURA will not use intermediaries for business development purposes, aiming to end current agreements by September, a spokesperson for the commodities trader said on Sunday.
The move follows a series of probes from the U.S. Department of Justice, the Federal Bureau of Investigation as well as Swiss and Brazilian prosecutors into the use of intermediaries by several trading houses.
The company will continue to use advisory consultants such as security advisers and risk analysts and technical operational service providers such as port and shipping agents, the spokesperson said.
"These arrangements are subject to a number of requirements. There will be no new agreements with third parties for business development purposes. The aim is to have ended current agreements by September," the spokesperson said.
Source:Reuters
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