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Published 2 months ago

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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