Gunvor trader sentenced for corruption
A trader for the Geneva based commodities company Gunvor has been convicted of bribery. Pascal Collard admitted to bribing authorities in the Republic of Congo and the Ivory Coast to secure oil cargoes.
The trader struck a deal with prosecutors to avoid jail time for cooperating with the investigation. He has been sentenced to a three-year suspended sentence and has to pay a CHF 33,000 fine.
Gunvor says it had no knowledge of the deal.
Anti-corruption campaigners say Switzerland needs to regulate the trading sector more strictly. One group, Public Eye, says the case shows regulation is necessary.
The trading industry in Switzerland is worth CHF 24bn, about 4% of the country’s GDP.