Geneva oil trader fined nearly USD 100 mn for Congo, I.Coast corruption

Geneva oil trader Gunvor has been ordered to pay almost USD 100 million over corruption in the Republic of Congo and the Ivory Coast, Swiss prosecution authorities said Thursday.

The Office of the Attorney General of Switzerland (OAG) said in a statement that Gunvor had shown "serious deficiencies in its internal organisation" and had "failed to prevent the bribery of public officials in the Republic of Congo and Ivory Coast between 2008 and 2011."
It added that the Geneva-based commodities trader had been "convicted of failing to take all the organisational measures that were reasonable and necessary" to prevent corruption aimed at "securing access to the petroleum markets in the countries."
Gunvor, which is headquartered in Nicosia but has its main trading offices in Geneva, acknowledged in a statement that it had "admitted guilt with respect to having had organisational shortcomings during the years 2008-11."
This shortcoming, it said, meant it "did not prevent an ex-employee from undertaking corruptive activities in Congo-Brazzaville and Ivory Coast."
But the company stressed that "there was absolutely no conscious or desired involvement of employees or members of management in these activities."