Global commodity trader Trafigura reported a 60% drop in net profits for 2024, falling to $2.8 billion—the lowest since 2020—following a significant oil fraud in its Mongolian operations. The company recorded a $358 million impairment for its Mongolian business and is investigating $500 million in unaccounted funds. These incidents have led to increased scrutiny from lenders and a reevaluation of the company's internal controls.