Company Directory - Vitol Group
Company Details - Vitol Group
Vitol Group
WebsiteGeneva, Switzerland
Vitol Group is a leading privately-owned energy trader engaged in the global trading of energy commodities, including crude oil, refined products, natural gas, and power. The company gained significant attention for its profitability during the ongoing energy crisis.
CCI Score
CCI Score: Vitol Group
-24.14
0.01%
Latest Event
Vitol Group Releases Forced Labour and Child Labour Due Diligence Report 2023
Vitol Group published its 2023 due diligence report outlining comprehensive measures against forced and child labour in its supply chains, in compliance with Canadian legislation and international human rights standards.
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ACCOMPLICE
Vitol Group is currently rated as an Accomplice.
Latest Events
- MAY312024
Vitol Group published its 2023 due diligence report outlining comprehensive measures against forced and child labour in its supply chains, in compliance with Canadian legislation and international human rights standards.
+80
Labor Relations and Human Rights Practices
March 29
The report details Vitol Group's proactive human rights strategy and rigorous due diligence processes to prevent forced and child labour. By aligning with the UN Guiding Principles on Business and Human Rights and establishing robust grievance mechanisms, the company demonstrates a commitment to ethical labor practices, which is a significant positive step from an anti-authoritarian and human rights perspective.
PDF Vitol Statement on Forced Labour and Child Labour Due Diligence 2023
- FEB252024
A former Vitol oil trader was convicted in Brooklyn on corruption charges including foreign bribery and money laundering. The trader paid over $1 million in bribes to officials in Ecuador and Mexico to secure lucrative contracts, highlighting persistent issues with unethical business practices at Vitol Group, which had already faced scrutiny following a $164 million bribery settlement in 2020.
-60
Business Practices and Ethical Responsibility
March 29
The conviction underscores significant ethical failings and uncontrolled practices within Vitol Group. The use of bribes to win contracts reflects an unethical business culture that undermines fair market competition and public trust, contributing to broader systemic corruption. From an anti-fascist perspective, such corrupt practices erode democratic accountability and fairness.
- DEC032020
On December 3, 2020, Vitol Inc., a subsidiary of Vitol Group, admitted to bribing public officials in Brazil, Ecuador, and Mexico from 2005 to 2014 to secure lucrative contracts with Petrobras. The company accepted responsibility by entering a Deferred Prosecution Agreement with the U.S. Department of Justice, resulting in significant fines and settlements.
-60
Public and Political Behavior
March 29
The bribery scandal directly undermines democratic processes and public trust by engaging in corrupt practices to influence state contracts. By bribing public officials, Vitol demonstrated a willingness to subvert transparent governmental operations for profit, negatively impacting public and political behavior.
-70
Business Practices and Ethical Responsibility
March 29
Vitol's systematic use of bribery, including the payment of over USD 8 million to secure insider information and manipulate contract outcomes, represents a severe breach of ethical business practices. This conduct damages fair market competition and undermines corporate accountability.
- DEC032020
On December 3, 2020, Vitol SA and its subsidiary Vitol Inc. resolved a DOJ investigation into FCPA violations by agreeing to pay USD 135 million and additional penalties. The resolution pertained to bribery schemes in Brazil, Ecuador, and Mexico, where Vitol exchanged bribes for confidential pricing information from Petrobras, resulting in market manipulation advantages.
-80
Business Practices and Ethical Responsibility
March 29
Vitol’s actions, which involved paying bribes to officials in multiple countries in exchange for competitive advantages, represent severe unethical business practices. These violations of the Foreign Corrupt Practices Act demonstrate a corporate culture that undermines fair competition and ethical behavior, aligning with negative business practices.
Swiss Vitol to pay USD 135 million to resolve FCPA violations
- JUL012020
Vitol Group settled bribery and market manipulation charges by paying $160 million, following allegations of corrupt practices in Latin America and manipulation of fuel oil price benchmarks. The settlement, which includes payments related to bribes in Brazil, Mexico, and Ecuador, raises serious concerns about the firm's ethical standards and its impact on political integrity.
-50
Public and Political Behavior
March 29
The bribery settlement exposes how Vitol's corrupt practices undermine public trust and democratic political integrity. By engaging in bribery to secure business advantages, the company contributes to an environment that can enable authoritarian influences.
Vitol Pays $160 Million to Settle Bribery, Manipulation Charges
-80
Business Practices and Ethical Responsibility
March 29
The incident reflects a severe breach of ethical business practices. Vitol's payment to settle bribery and manipulation charges demonstrates a clear disregard for legal and ethical standards, thereby eroding trust in fair market operations and corporate accountability.
Vitol Pays $160 Million to Settle Bribery, Manipulation Charges
- NOV222019
Swiss prosecutors executed search and seizure warrants at Vitol's Geneva office as part of the Brazilian Car Wash corruption probe. The investigation centers on allegations that Vitol paid bribes to Petrobras officials to secure oil contracts, raising serious concerns about unethical business practices and interference in public institutions.
-50
Public and Political Behavior
March 29
The bribery allegations suggest an attempt to influence political processes and undermine the integrity of public institutions by engaging in corrupt practices. Such behavior erodes democratic accountability and demonstrates a concerning level of political malfeasance.
Swiss prosecutors search Vitol and Trafigura offices as part of Car Wash probe
-70
Business Practices and Ethical Responsibility
March 29
The allegations that Vitol engaged in bribery to secure contracts indicate a severe breach of ethical business practices. Such conduct not only violates legal norms but also undermines corporate accountability and integrity, adversely affecting stakeholder trust.
Swiss prosecutors search Vitol and Trafigura offices as part of Car Wash probe
- NOV142018
An investigative report by Public Eye accuses Vitol Group of using an opaque joint venture, Ingma Holding NV, to conceal its ties to influential elites in Kazakhstan. The report alleges that this practice helped Vitol secure lucrative contracts in a region known for corruption and cronyism, raising concerns about transparency and ethical business practices.
-50
Business Practices and Ethical Responsibility
March 29
The allegations suggest that Vitol engaged in non-transparent business practices by concealing its relationship with politically exposed figures in Kazakhstan. Such practices undermine corporate ethical responsibility, facilitating the potential misallocation of resources and benefiting from opaque networks that may support authoritarian or corrupt regimes.
Swiss oil trader accused of profiting from ties to elites in Kazakhstan
-30
Economic and Structural Influence
March 29
The opaque business arrangement potentially reflects a broader pattern of economic collaboration with regimes and business environments prone to corruption, which may indirectly bolster authoritarian practices by fostering environments where rule of law is undermined.
Swiss oil trader accused of profiting from ties to elites in Kazakhstan
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