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Fredriksen companies fined in the US for oil fraud

The US Commodity Futures Trading Commission has issued penalties of USD 13 million to companies owned by shipowner John Fredriksen.

Several companies involved in oil trading, owned by Norwegian/Cypriot shipowner John Fredriksen, have been served with penalties in the US for a total of USD 13 million for having manipulated oil prices, according to Norwegian newspaper Dagens Næringsliv and news agency Reuters.

The involved companies have accepted the penalties, a so-called consent order, and they have all accepted additional controls and supervision of their activities for a three-year period in order to close the case, according to the newspaper.

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