Geneva-based trader Gunvor settles $661m bribery case with US and Swiss prosecutors over Ecuador oil contracts.

Geneva-based commodities trader Gunvor has settled a case involving bribery of foreign officials in Ecuador, reaching a $661m settlement with US and Swiss prosecutors. Gunvor was convicted for bribing Ecuador's state petroleum company, Petroecuador, to award two oil-related contracts to the company. The Swiss attorney general's office stated that the company did not take "reasonable and necessary organizational measures" to prevent bribery by its employees in Ecuador over a four-year period starting in February 2013.

March 01, 2024
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