Swiss order Gunvor to pay nearly $95 million for corruption case

BERLIN (Reuters) – Swiss federal prosecutors have ordered Gunvor to pay almost 94 million Swiss francs ($94.8 million), including a fine of 4 million, for its role in corruption cases.

“The Geneva commodities trader has been convicted of failing to take all the organizational measures that were reasonable and necessary to prevent its employees and agents from bribing public officials in order to gain access to the petroleum markets in the Republic of Congo and Ivory Coast,” a statement from the Swiss Attorney General’s Office on Thursday said.

A former Gunvor employee said he paid bribes to win contracts, according to a Swiss prosecution document.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.