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Geneva oil trader reaches $661M settlement with US, Swiss authorities over bribery in Ecuador

Summary by Ground News
Geneva-based commodities trading firm Gunvor said Friday that it has reached a $661 million settlement with U.S. and Swiss prosecutors. The Swiss prosecutors said the case involved payouts to that led the state petroleum company Petroecuador to award two oil-related contracts to Gunvor. Gunvor has accepted responsibility for the actions of certain of its former agents and employees.

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Geneva oil trader reaches $661M settlement with US, Swiss authorities over bribery in Ecuador

GENEVA (AP) — Geneva-based commodities trading firm Gunvor said Friday that it has reached $661 million settlement with U.S. and Swiss prosecutors after a conviction for bribery of foreign officials in connection with the petroleum industry in Ecuador. The Swiss attorney general’s office said the company didn’t take “reasonable and necessary organizational measures” to prevent bribery by its employees in the South American country over four year…

·Colorado Springs, United States
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WKMGWKMG

Geneva oil trader reaches $661M settlement with US, Swiss authorities over bribery in Ecuador

Geneva-based commodities trading firm Gunvor said Friday that it has reached a $661 million settlement with U.S. and Swiss prosecutors after convictions for bribery of foreign officials in connection with the petroleum industry in Ecuador.The Swiss attorney general's office says the company, which was founded decades ago by oil traders Gennady Timchenko of Russia and Torbjörn Törnqvist of Sweden, didn't take “reasonable and necessary organizatio…

·Orlando, United States
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Associated Press NewsAssociated Press News
+9 Reposted by 9 other sources

Geneva oil trader reaches $661M settlement with US, Swiss authorities over bribery in Ecuador - Seymour Tribune

GENEVA (AP) — Geneva-based commodities trading firm Gunvor said Friday that it has reached a $661 million settlement with U.S. and Swiss prosecutors after convictions for bribery of foreign officials in connection with the petroleum industry in Ecuador. The Swiss attorney general’s office says the company, which was founded decades ago by oil traders Gennady […]

·United States
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pantheonsite.iopantheonsite.io

Geneva oil trader reaches $661M settlement with US, Swiss authorities over bribery in Ecuador

GENEVA (AP) — Geneva-based commodities trading firm Gunvor said Friday that it has reached $661 million settlement with U.S. and Swiss prosecutors after a conviction for bribery of foreign officials in connection with the petroleum industry in Ecuador. The Swiss attorney general’s office said the company didn’t take “reasonable and necessary organizational measures” to prevent bribery by its employees in the South American country over four year…

·Atlanta, United States
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Morning SunMorning Sun

Geneva oil trader reaches $661M settlement with US, Swiss authorities over bribery in Ecuador - The Morning Sun

Geneva-based commodities trading firm Gunvor said Friday that it has reached $661 million settlement with U.S. and Swiss prosecutors after a conviction for bribery of foreign officials in connection …

·Pittsburg, United States
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Winnipeg Free Press broke the news in Winnipeg, Canada on Friday, March 1, 2024.
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Geneva, Switzerland

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