United States: Gunvor has agreed to a $661 million settlement in a bribery case concerning oil sales in Ecuador, emphasizing the ongoing battle against corruption and the necessity for strong ethical standards in global commodity trading.
The Geneva-based trading firm, specializing in commodities, reached this settlement with U.S. and Swiss prosecutors following convictions for bribing foreign officials. This agreement stems from illegal fuel oil sales in Ecuador.
The Swiss attorney general’s office highlighted Gunvor’s failure to implement adequate measures to prevent bribery by its staff in South America since 2013. As a result, the company, owned by oil traders Gennady Timchenko of Russia and Torbjörn Törnqvist of Sweden, faced legal repercussions.
In a statement, Gunvor acknowledged responsibility for the actions of former agents and employees involved in the bribery scheme, emphasizing that these individuals had been terminated before the company became aware of the U.S. investigation.
The case involved significant sums of money and led to the execution of two oil-related contracts by the Ecuadorian national petroleum corporation, Petroecuador, on behalf of Gunvor. American authorities stated that a Geneva commodity trader, subject to U.S. sanctions, profited over $384 million from corrupt business dealings with Petroecuador.
U.S. law enforcement authorities have secured guilty pleas from four individuals, including former consultants and a former Gunvor employee, related to money laundering in New York.
FBI Special Agent-in-Charge Jeffrey Veltri emphasized the detrimental impact of Gunvor’s bribery scheme on the business environment and public trust in the Ecuadorian government.
The collaboration and cooperation of authorities in various countries, including the Cayman Islands, Colombia, Curacao, Ecuador, Panama, Portugal, Singapore, and Switzerland, were instrumental in addressing this case.
