The firm, with strong Swiss links, has launched legal action against a Dubai-based metals trader and the group of companies he runs out of the Middle East emirate.
“The fraud concerns containerised nickel in transit during 2022 and involved misrepresentation and presentation of a variety of false documentation,” Trafigura said in a statement on Thursday.
Random checks of these containers found they contained no nickel at all. Most of the shipment is still in transit awaiting inspection.
Nickel is an important industrial metal with a variety of uses from batteries to coins, medical equipment and turbine blades.
Trafigura has set aside the $577 million provision in expectation of the worst-case scenario.
The company, which made a record $7 billion net profit in 2022, says the fraud is limited to one business line and would not affect group operations.
Trafigura added that it still expects profits for the first six months of 2023 to exceed those of the same period last year.
This article was updated on February 10, 2023, to indicate the correct figure of CHF577 million, not the previously stated CHF577 billion.
More
More
Rethinking artisanal cobalt mining in the DRC
This content was published on
Formalising artisanal mining offers the best shot at ending human rights abuses in the cobalt supply chain, says a Swiss human rights expert.
As a Swiss Abroad, how do you feel about the emergence of more conservative family policies in some US states?
In recent years several US states have adopted more conservative policies on family issues, abortion and education. As a Swiss citizen living there, how do you view this development?
Swiss-backed ‘Hera’ asteroid mission hits key milestone with Mars flyby
This content was published on
According to the European Space Agency (ESA), the Red Planet’s gravity will tweak the probe’s path, cutting months off the journey and saving a lot of fuel.
Swiss man arrested over Geneva parcel bomb attacks
This content was published on
A 61-year-old Swiss man was arrested in Geneva in connection with the parcel bomb incidents that left a man and a 12-year-old girl seriously injured.
UN officials in Geneva report over 100 civilian executions in western Syria
This content was published on
Verification is ongoing, and the actual number is likely higher, said a UN spokesperson in Geneva. A Syrian NGO claims executions could exceed 1,000.
Swiss pharma giant Roche partners with Zealand Pharma on new obesity treatment
This content was published on
Roche announced that it has struck an exclusive deal with Denmark's Zealand Pharma to develop and market petrelintide, a new treatment for obesity.
Experts lower Swiss growth forecasts due to US trade tensions
This content was published on
The uncertainty caused by ongoing trade conflicts is making companies hesitant to make decisions, which significantly hinders investment.
Swiss abbot resumes role following abuse investigation
This content was published on
Scarcella was accused in the Catholic Church abuse scandal last autumn. In October 2024, the Vatican declared there was no evidence of abuse or harassment against him.
Swiss stock exchange operator SIX to cut 150 jobs in efficiency drive
This content was published on
"We're not revealing the number of job losses at each location at the moment," said a SIX spokesperson. However, there will be cuts in Switzerland as well.
Martin Pfister named new Swiss government minister
This content was published on
Pfister’s election keeps the linguistic balance of Switzerland’s government, but shifts gender balance to only two women.
Swiss interior minister meets UN leaders in New York for women’s rights session
This content was published on
The Swiss interior minister also held bilateral meetings with UN Secretary-General António Guterres and Sima Sami Bahous, Executive Director of UN Women
The image of foreigners in Switzerland has deteriorated
This content was published on
The Federal Statistical Office has found that Swiss people’s views of foreigners have worsened over the last couple of years.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Trafigura shareholders and top traders split $1.7bn payouts
This content was published on
Swiss commodities trader Trafigura is handing $1.7 billion to top traders and shareholders as profits double in the midst of an energy crisis.
Traders with Swiss links continue to buy and sell Russian oil
This content was published on
A handful of traders with strong connections to Geneva have reportedly increased their Russian oil shipments, says Le Matin Dimanche.
Stay or go? The dilemma of Swiss companies in Russia
This content was published on
Caught between potential damage to their image and having their businesses confiscated, Swiss firms active in Russia have a tough choice.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.