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Trading company Gunvor fined

National News // Oct. 18, 2019

The Geneva commodities trading company Gunvor has been ordered to pay CHF 94m in fines and compensation after the Swiss attorney-general’s office say the company failed to stop its employees bribing government officials in Congo and the Ivory Coast. 

Pixabay Trading company Gunvor fined

The Swiss say the company’s internal structure was unable to stop the practice between 2009 and 2012. 

The bribes are said to have allowed Gunvor access to oil markets. 

CHF 90m of the financial penalty is the amount the company has profited from the deals – and then CHF 4m in fines. 

In a statement Gunvor admitted guilt – but says it has changed the compliance structure since. 

 

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