Gunvor Agrees to Pay $662 Million to Settle Bribery Cases
Gunvor’s Legal Troubles Resolved
Gunvor, a major oil trader, has agreed to pay approximately $662 million to settle bribery investigations in the U.S. and Switzerland. The investigations centered around allegations of bribes paid to Ecuadorean officials to secure business deals.
Guilty Plea and Financial Resolution
Gunvor pleaded guilty to violating U.S. bribery laws in a federal court in New York. The settlement includes a hefty $374.6 million criminal fine and a forfeiture of $287.1 million. Gunvor will also make payments to Switzerland and Ecuador, totaling up to $93 million.
Compliance and Apology
Gunvor’s Chairman expressed regret for past mistakes and committed to improving their compliance program. Despite the substantial settlement, Gunvor will not be required to hire a monitor to oversee their operations.
Long-Standing Probe
The investigations into Gunvor had been ongoing since at least 2020, with a former employee already pleading guilty to involvement in a bribery scheme. The company had set aside $650 million to address the probe, as reported in December.
Corruption Allegations
Authorities revealed that Gunvor and others had paid over $97 million to intermediaries to secure business deals in Ecuador. High-level Ecuadorean officials allegedly aided Gunvor in winning contracts with Petroecuador, using the bribes. One shocking detail included an intermediary gifting a Patek Philippe watch to a Petroecuador official.
Industry Crackdown on Corruption
Gunvor’s case adds to a growing list of major oil traders facing scrutiny for corrupt practices. Other companies, like Glencore and Vitol, have also faced significant fines for bribery-related offenses in recent years.
Global Impact
The resolution of Gunvor’s case underscores the global reach of corruption investigations in the commodities sector. The enforcement of anti-corruption laws aims to ensure fair and ethical business practices worldwide.
