Million-dollar fine for failing to prevent bribery: Federal prosecutors condemn Geneva raw materials trader Gunvor

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Gunvor must pay 86.7 million francs, including 4.3 million in fines.

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The investigation by the Federal Prosecutor’s Office is said to show that Gunvor “failed to take all necessary and reasonable institutional measures” to prevent bribery of foreign officials on his behalf from at least February 2013 to February 2017. It was announced on Friday. This is linked to his business activities in the Ecuadorian oil industry.

Objection waived

Gunvor decided not to appeal the sentencing decision, making it legally binding. According to the statement, the conviction was carried out as part of a procedure coordinated with US authorities.

In October 2019, the Federal Prosecutor’s Office sentenced the Geneva raw materials trader to pay approximately 94 million francs. Serious deficiencies in the internal organization of Gunvor’s Geneva branch made it possible to bribe officials in the Republic of Congo and Ivory Coast. (SDA/brother)

Source :Blick

Tim

I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.