Gunvor Settles for $661M Over Bribery Charges in Ecuador
The Geneva-based oil trader reaches a historic settlement with US and Swiss authorities, marking a significant resolution in the fight against corporate corruption.
- Geneva-based oil trader Gunvor agrees to a $661 million settlement with US and Swiss prosecutors over bribery charges in Ecuador.
- The settlement includes a criminal penalty of over $374 million and the forfeiture of more than $287 million in ill-gotten gains.
- The case involved bribes to secure oil-related contracts from Ecuador's state petroleum company, Petroecuador, leading to over $384 million in profits for Gunvor.
- US authorities have previously convicted four individuals related to the scheme, highlighting the extensive investigation into the corruption.
- Gunvor's settlement is part of a broader crackdown on corruption within the oil trading sector, with other companies also facing charges for similar misconduct.
San Francisco Chronicle 
Financial Post 
Associated Press 
