Op risk data: At Trafigura, a $1 billion miss in Mongolia
Also: Insurance cartels, Santander settlement and TSB’s “woeful” customer treatment. Data by ORX News
October’s largest loss was the $1.1 billion provisioned by Trafigura when it discovered it had been defrauded over the course of five years by 10 employees in its Mongolian oil-supply business. The rogue employees manipulated data and documents to inflate extended credit and conceal debts. Local regulations restrict Trafigura to supplying fuel within the country; it then relies on local distributors to sell the products on. A large part of the total loss comprises a debt owed by its principal
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