Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.










French Commodities Giant Trafigura Group Sent Letter to Current & Previous Employees to Propose Share Clawbacks for Breaches in Confidentiality & Code of Conduct, Trafigura Group is Employee-Owned

20th June 2024 | Hong Kong

Switzerland & Singapore-based French commodities giant Trafigura Group had sent a letter to current & previous employees to propose share clawbacks for breaches in confidentiality & code of conduct.  Trafigura Group is employee-owned.  In 2023 March, the United States Department of Justice started investigating Trafigura Group for commodity price manipulation, with the group reporting a $577 million loss earlier in February 2023 on nickel fraud for containers found with missing nickel.  In 2022, ex-Trafigura trader Charlotte Bamber had admitted to charges of wire fraud & commodity price manipulation (United States Department of Justice).  See below for more info. 

“ French Commodities Giant Trafigura Group Sent Letter to Current & Previous Employees to Propose Share Clawbacks for Breaches in Confidentiality & Code of Conduct, Trafigura Group is Employee-Owned “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
23rd July Hong Kong | 25th July Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 23rd July 2024 in Hong Kong, 25th July 2024 in Singapore.
Visit | Register here


The 2024 Family Office Summit
16th Oct Hong Kong | 23rd Oct Singapore

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here





 

United States Investigating French Commodities Giant Trafigura Group for Commodity Price Manipulation, Reported $577 Million Loss in February 2023 on Nickel Fraud for Containers Found with Missing Nickel

25th March 2023 – United States Department of Justice is investigating Switzerland & Singapore-based French commodities giant Trafigura Group for commodity price manipulation, with the group reporting a $577 million loss earlier in February 2023 on nickel fraud for containers found with missing nickel.  In 2022, ex-Trafigura trader Charlotte Bamber had admitted to charges of wire fraud & commodity price manipulation (United States Department of Justice).  See below for more info.

 

 

Citi Ends Financing of Trafigura on 27th October 2023 Triggered Trafigura to Send Inspectors to Check Nickel Containers, Reports $577 Million Loss in February 2023 on Nickel Fraud & Won UK Judgement to Freeze $625 Million of India Counterpart Prateek Gupta  & Companies

18th February 2023 – Citigroup ends financing of Switzerland & Singapore-based French commodities giant Trafigura Group on 27th October 2023 triggered Trafigura Group to send inspectors to check nickel containers and uncovered missing nickel in the containers.  Trafigura Group reported a $577 million loss in February 2023 on the nickel fraud & also won a UK judgement to freeze $625 million of India counterpart Prateek Gupta  & companies.   In February 2023, Trafigura Group reported a $577 million provisional loss on fraud for containers found with missing nickel valued at around $577 million, and commencing legal actions against India businessman Prateek Gupta & his companies (TMT Metals and related companies to UD Trading Group).   More info below.

 

 

Switzerland & Singapore-Based French Commodities Giant Trafigura Group Reports $577 Million Loss on Nickel Fraud for Containers Found with Missing Nickel, Commenced Legal Actions Against India Businessman Prateek Gupta & Companies Including TMT Metals & UD Trading Group

11th February 2023 – Switzerland & Singapore-based French commodities giant Trafigura Group has reported a $577 million provisional loss on fraud for containers found with missing nickel valued at around $577 million, and commencing legal actions against India businessman Prateek Gupta & his companies (TMT Metals and related companies to UD Trading Group).  Trafigura Statement on 9th Feb 2023: “Trafigura recently discovered a systematic fraud committed by a group of companies connected to and apparently controlled by Mr Prateek Gupta including TMT Metals and companies owned by UD Trading Group. Trafigura has commenced legal proceedings against Mr Gupta and the companies involved.  The fraud concerns containerised nickel in transit during 2022 and involved misrepresentation and presentation of a variety of false documentation. The fraud is isolated to one specific line of business. We have seen no evidence to suggest that anyone at Trafigura was involved or complicit in this illegal activity.  A thorough review is ongoing. Since late December 2022, a small proportion of the containers purchased from these companies have been inspected as they reached their destination, and were found not to contain nickel. The majority of the shipments remain in transit awaiting further inspection. Nonetheless, the Group recorded a $577 million charge in the first half of 2023 for Trafigura Group Pte Ltd., estimated to be the maximum loss exposure related to this fraud. The Group’s net profits in the first half of its 2023 financial year are expected to exceed first half 2022 net profits, notwithstanding this impairment.  The Group remains committed to building its presence in the fast-growing battery metals markets.”   Trafigura is one of the world’s leading independent commodity trading and logistics houses, and has been trading with Prateek Gupta companies since 2015.

About Trafigura

Trafigura is a leading commodities group, owned by its employees and founded 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through joint ventures H2Energy Europe and Nala Renewables.

The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, and our Impala Terminals joint venture. The Group employs over 12,000 people and is active in 156 countries.




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementOthers


    $20 million to $100 million AUM$100 million to $300 million AUM$300 million to $1 billion AUM$1 billion to $10 billion AUM$10 billion to $100 billion AUMMore than $100 billion AUM


    Mailing List / Free TrialMonthly SubscriptionYearly SubscriptionMembershipEvents


    2024 Investment Day Hong Kong 23rd July2024 Investment Day Singapore 25th July2024 Investment Day Hong Kong 4th Sept2024 Investment Day Singapore 11th Sept2024 Family Office Summit Hong Kong 16th Oct2024 Family Office Summit Singapore 23rd Oct / 6th Nov












    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • June 2024 - Hong Kong
    • June 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014




    Previous articleAustralia Government Launches New Sustainable Finance Roadmap with 10 Priorities: 1) Climate-Related Financial Disclosures for Large Businesses & Financial Institutions Starting in 2025, 2) Develop Australian Sustainable Finance Taxonomy, 3) Support Credible Net Zero Transition Planning, 4) Develop Sustainable Investment Product Labels, 5) Enhance Market Supervision & Enforcement, 6) Identify & Respond to Systemic Financial Risks, 7) Address Data & Analytical Challenges, 8) Ensure Fit for Purpose Regulatory Frameworks, 9) Issue Australian Sovereign Green Bonds, 10) Increase International Engagement
    Next articleSingapore $2.2 Billion Money Laundering – Private Bankers Received Kickbacks Ranging from 30% to 50% of Property Commission from Property Agents, Singapore Council for Estate Agencies (CEA) Investigating Property Agents for Property Transactions
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia