Trader Gunvor Pays $95 Million to Swiss in Corruption Probe
- Swiss prosecutors opened Congo bribery investigation in 2011
- Settlement is one of the biggest Swiss corporate penalties
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Gunvor Group Ltd. will pay $95 million to end a long-running investigation by Switzerland’s Attorney General after the energy trader admitted a former employee bribed officials in the Republic of Congo to secure oil contracts.
Gunvor failed to take all the reasonable organizational measures required to prevent the bribery, the Attorney General’s Office said Thursday. The company, one of the world’s biggest independent oil traders, will pay a fine of 4 million Swiss francs ($4.03 million) and give up related profits of about 90 million Swiss francs it made from the deals.