Gunvor sentenced in connection with corruption offenses in Ecuador
Published: Friday, Mar 1st 2024, 21:20
Updated At: Friday, Mar 1st 2024, 21:20
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The Geneva-based commodities trader Gunvor has been convicted of criminal liability in connection with corruption offenses in Ecuador by the Office of the Attorney General of Switzerland. Gunvor must pay CHF 86.7 million, including a fine of CHF 4.3 million.
The investigation by the Office of the Attorney General of Switzerland has shown that Gunvor "did not take all necessary and reasonable organizational precautions" to prevent foreign public officials from being bribed in its name from at least February 2013 to February 2017, the Office of the Attorney General of Switzerland announced on Friday. The Geneva-based commodities trading company is therefore criminally responsible for the bribery of foreign public officials.
Gunvor has waived its right to appeal against the penalty order, making it legally binding. According to the press release, the conviction is part of a coordinated procedure with the US authorities.
7.5 million to Ecuadorian officials
According to the federal prosecutor's office, bribes amounting to around 7.5 million US dollars were paid over a period of four years to an Ecuadorian public official who held a management position at the state oil company Petroecuador. According to the federal prosecutor's office, these corrupt transactions provided the company with direct benefits. This was because the Ecuadorian oil company subsequently concluded oil trading contracts with two companies with which the Gunvor Group had concluded related contracts.
The bribery payments, some of which were processed via the Swiss financial center, were carried out in particular with the assistance of a former employee of the Gunvor Group and two intermediaries who acted via an offshore company, according to the press release. These three individuals have pleaded guilty in the United States of America, according to the Office of the Attorney General of Switzerland.
Insufficient measures from Gunvor
The risk analysis in place at Gunvor as well as the measures and processes for combating corruption and their effective implementation were therefore clearly not sufficient to prevent the existing opportunities for corrupt behavior from being exploited, according to the Office of the Attorney General of Switzerland.
Of the 86.7 million Swiss francs that the Group now has to pay, 82.3 million is a compensation claim. This corresponds to part of the profit that the company was able to generate thanks to the corrupt contracts.
Gunvor apologizes
The fine of 4.3 million was based on the fact that the Gunvor Group "contributed to the progress of the investigation through its cooperation and - albeit late - implemented certain measures that led to the termination of business relationships with the two aforementioned intermediaries", according to the Office of the Attorney General.
"As a company, Gunvor made mistakes at the time, for which we apologize and have worked diligently to rectify," Gunvor Group Chairman Torbjörn Törnqvist was quoted as saying in a statement issued by the company on Friday evening. Today, however, Gunvor has an industry-leading compliance program that is being continuously developed. "Corruption has no place in our company and will not be tolerated," concluded Törnqvist.
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