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ENERGY TRADER GUNVOR TO PAY $662 MLN TO END US, SWISS BRIBERY CASES

By Jonathan Stempel, Luc Cohen, Chris Prentice and Julia Payne
March 1, 20248:49 PM GMT+1Updated 3 months ago
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NEW YORK, March 1 (Reuters) - Gunvor (GGL.UL), one of the world's largest oil
traders, agreed on Friday to pay about $662 million to resolve U.S. and Swiss
investigations into a scheme to pay bribes to Ecuadorean officials to win
business.
Gunvor pleaded guilty to conspiring to violate a U.S. bribery law at a hearing
in federal court in Brooklyn, New York, marking the end of a long-running
criminal probe.
The Geneva-based firm also resolved a related investigation by the Office of the
Attorney General of Switzerland.
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Jean-Baptiste Leclercq, Gunvor's general counsel, told U.S. District Judge Eric
Vitaliano that the trader joined a conspiracy that ran afoul of the Foreign
Corrupt Practices Act (FCPA) by paying intermediaries to win business with
Ecuador's national oil company Petroecuador.
The payout includes a $374.6 million criminal fine and a forfeiture of $287.1
million. Gunvor will be credited for up to $93 million in payments to both
Switzerland and Ecuador.
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In a statement, Chairman Torbjörn Törnqvist said Gunvor was sorry for past
mistakes and committed to enhancing its now "industry-leading compliance
program." The deal does not require Gunvor to hire a monitor.
The U.S. Department of Justice and the U.S. Commodity Futures Trading Commission
had been probing Gunvor since at least 2020, and a former employee in 2021
pleaded guilty over a scheme to bribe Ecuadorean government officials to win
business.

Reuters reported in December that Gunvor had set aside $650 million to resolve
the probe.
Authorities said that between 2012 and 2020, Gunvor and other conspirators paid
more than $97 million to intermediaries, knowing some of the cash would be used
to bribe officials in Ecuador.
In exchange, high-level Ecuadorean officials helped front companies for Gunvor
win rights to a series of oil-back loan contracts with Petroecuador, authorities
said.

One Gunvor employee directed an intermediary to bestow an 18-karat gold Patek
Philippe watch on a Petroecuador official, the Justice Department said.
Switzerland's Attorney General also found Gunvor criminally liable for
corruption in 2019, when it was ordered to pay $95 million for bribing officials
in Congo Republic and the Ivory Coast.
That case was the first where a major trading firm had been found guilty on such
charges in Switzerland.

U.S. prosecutors have made a multi-year push to root out fraud and misconduct in
the commodities sector.
Traders who buy and sell raw materials often operate in jurisdictions where
corruption is common, putting them at risk of violating the FCPA, which
prohibits paying bribes to foreign officials.
Glencore (GLEN.L)New Tab, opens new tab agreed to pay more than $1 billion in
connection with a decade-long bribery scheme covering several countries.
And in December, Connecticut-based commodities trader Freepoint Commodities
reached a $98 million settlement of bribery and other U.S. charges.
Vitol, the world's largest oil trader, resolved U.S. and Brazilian probes in
December 2020 by agreeing to pay $164 million and admitting to bribing officials
in Brazil, Mexico and Ecuador. One of its employees, Javier Aguilar, was
convicted last month of bribing Ecuadorean officials.

Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S.
newsletter. Sign up here.

Reporting by Luc Cohen, Chris Prentice and Jonathan Stempel in New York and
Julia Payne in Brussels; Editing by Chizu Nomiyama, Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.New Tab, opens new tab

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Luc Cohen

Thomson Reuters

Reports on the New York federal courts. Previously worked as a correspondent in
Venezuela and Argentina.

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Chris Prentice

Thomson Reuters

Chris Prentice reports on financial crimes, with a focus on securities
enforcement matters. She previously covered commodities markets and trade
policy. She has received awards for her work from the Society for Advancing
Business Editing and Writing and the Newswomen’s Club of New York.

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