Another Swiss Commodity Firm Fined in Ecuador Bribery Case

$661 Million reflects Gunvor’s history of misconduct

Posted 3/1/24

Following the lead of its fellow commodity trading firms Vitol, Freepoint, Trafigura and Glencore, Geneva-based Gunvor Group., has pleaded guilty and will pay over $661 million to resolve an investigation by the U.S. Justice Department into violations of the Foreign Corrupt Practices Act (FCPA).

Gunvor’s guilty plea stemmed from the company’s corrupt scheme to pay substantial bribes to Ecuadorean government officials to secure business with Ecuador’s state-owned and state-controlled oil company, Petroecuador.

This item is available in full to subscribers.

Please log in to continue

Log in