*Switzerland’s attorney general’s office has ordered the Geneva-headquartered energy company Gunvor to pay CHF86.7m (US$98.02m) in relation to the bribery of Ecuadorean public officials by the company’s employees between 2013 and 2017. According to a statement from the Swiss attorney general’s office, bribes of nearly US$7.5m were paid to an executive at Ecuador’s state oil company Petroecuador, which “led Petroecuador to award oil-related contracts to two companies with whom the Gunvor Group had entered into ‘back-to-back’ contracts”. Gunvor has said that it will not appeal the fine. Ecuadorean media has identified the Ecuadorean official who received the bribes as Nilsen Arias, who was Petroecuador’s director of international trade from 2010-2017, and who is currently on trial in the US for alleged corruption offences.
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LatinNews Daily - 04 March 2024
In brief: Energy firm Gunvor fined in Switzerland over Ecuador bribes
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