Gunvor Says Timchenko Sells Holding to Partner Tornqvist

Gunvor Group Ltd. said billionaire co-founder Gennady Timchenko sold his entire stake in the oil trading company to partner Torbjorn Tornqvist, in a transaction designed to prevent a disruption to its operations.

Tornqvist now holds 87 percent of the company, with senior managers controlling the rest, Gunvor said in an e-mailed statement today. There are no outside investors, the company said. The deal was done yesterday, according to the statement.

Earlier, the U.S. said Russian President Vladimir Putin is an investor in Gunvor, which ranks among the world’s biggest oil traders.

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