Petroleum Africa
Find us on: 
Friday, October 18, 2019
Swiss trading outfit Gunvor Group has been ordered to pay $95 million to end the ongoing investigation into corruption charges revolving around oil contracts in the Republic of Congo (ROC).
Switzerland’s Attorney General office levied the fine after the firm admitted a former employee had bribed a ROC official to secure lucrative oil contracts. The bribes were paid starting in 2009 and the investigation began in 2011.
The former Gunvor employee was convicted of bribery in 2018 and was given an 18-month suspended sentence and ordered to pay 33,000 Swiss francs.
A statement by Swiss prosecutor’s office said, “Warning signs had been ignored and other irregularities had occurred, including authorization being given for a substantial number of payments to third party offshore companies unrelated to oil activities and the backdating of supporting letters to banks.”
In a statement, the company said, “Gunvor maintains that there was absolutely no conscious or desired involvement of employees or members of management in these activities,” adding, “No current employees or businesses of Gunvor Group are involved in any related ongoing litigation or investigations.”
" alt="Sintana to Expand Asset Base in Namibia with Acquisition">
" alt="Luanda Gives Afentra Nod for Azule Acquisition">
" alt="TotalEnergies Increases Stake in ROC’s Giant Moho Field and Sells Mature Assets">
" alt="Africa’s $824 Billion Debt Burden and Opaque Resource-Backed Loans Hinder its Potential">
" alt="African Refiners Ponder Threats to Energy Security for Africa as Transition Takes Center Stage">
" alt="Invictus Inks Gas Sales MOU to Deliver Power to Eureka Gold Mine">
" alt="Globeleq Acquires the 25 MWp Winnergy Solar PV Plant in Egypt">
" alt="Sintana Completes Well Testing at Mopane 1-X in Namibia">
