Skip to content
Subscriber Only

Swiss Target Commodities Secrets Risking $21 Billion Hegemony

Vitol SA, one of the world’s biggest oil traders, is being enticed from its Geneva base by Dubai and Singapore as Switzerland considers scrapping policies that made the country a global center for commodities.

“I’m concerned for the future both in Switzerland and elsewhere,” said David Fransen, chief executive officer of Vitol Group’s trading arm, citing the threat of over-regulation and higher taxes. “Other jurisdictions are actively courting us,” he said, including Malaysia and the Caribbean.