Company Directory - Gunvor Group
Company Details - Gunvor Group
Gunvor Group
WebsiteGeneva, Switzerland
Gunvor Group is a global commodity trading company specializing in energy products such as crude oil, refined petroleum, and natural gas. It is recognized as one of the leading players in worldwide energy trading and has reported high combined profits in recent years.
CCI Score
CCI Score: Gunvor Group
-65.98
0.04%
Latest Event
Ex-Gunvor Executive Trial for Congo Bribery
A former Gunvor Group executive is on trial in Switzerland for allegedly orchestrating a bribery scheme involving $35.5 million to Congolese officials for securing crude oil deals. This trial underscores longstanding issues in the company's ethical business practices and its influence over political and regulatory processes.
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Gunvor Group is currently rated as an Architect.
Latest Events
- SEP302024
A former Gunvor Group executive is on trial in Switzerland for allegedly orchestrating a bribery scheme involving $35.5 million to Congolese officials for securing crude oil deals. This trial underscores longstanding issues in the company's ethical business practices and its influence over political and regulatory processes.
-60
Public and Political Behavior
March 30
The trial of a top executive for bribery demonstrates a significant breach in public and political behavior, as it suggests attempts to improperly influence public officials and undermine democratic controls.
-70
Business Practices and Ethical Responsibility
March 30
The involvement in a large-scale bribery scheme to secure oil deals reflects deeply unethical business practices and a failure in internal compliance, reinforcing a troubling pattern of corruption within the firm.
- MAR182024
An investigation by Public Eye reveals that Gunvor Group engaged in a prolonged corruption scheme in Ecuador, facilitating bypasses of tender procedures through bribery and illicit commission payments. Over a period from 2013 to 2020, the firm allegedly channeled more than $91 million to intermediaries and bribed executives, culminating in a terminated business relationship in May 2020. These practices undermined ethical business conduct and distorted economic and political processes in the region.
-75
Business Practices and Ethical Responsibility
March 30
The investigation documents a sustained scheme of corruption in which Gunvor manipulated tender procedures and engaged in bribery, severely compromising ethical business practices and accountability. This behavior not only violates basic ethical standards but also undermines the democratic governance of affected countries by distorting market mechanisms.
Gunvor in Ecuador: The "how to" guide on corruption in the oil market
-70
Economic and Structural Influence
March 30
Gunvor's use of bribery to secure oil contracts represents an abuse of economic power and interference in structural market and regulatory mechanisms. By undermining fair tender processes, the company not only gains undue economic benefits but also contributes to the erosion of transparent and accountable governance, factors that are critical in resisting authoritarian influence.
Gunvor in Ecuador: The "how to" guide on corruption in the oil market
- MAR012024
Gunvor SA, a subsidiary of Gunvor Group, was found criminally liable for bribery of foreign public officials in Ecuador for actions spanning from February 2013 to February 2017. The company was sentenced on March 1, 2024, to pay nearly CHF 86.7 million, including a fine of CHF 4.3 million, following an investigation by the Office of the Attorney General of Switzerland in coordination with U.S. authorities. The investigation highlighted significant organizational shortcomings in preventing bribery-related offenses.
-80
Business Practices and Ethical Responsibility
March 30
The conviction of Gunvor SA for bribery and corruption demonstrates a severe failure in ethical business practices. By engaging in corrupt activities, the company undermined institutional integrity and public trust, thereby contributing to an environment that can facilitate authoritarian practices. The inadequate anti-corruption measures during the period in question reflect a broader disregard for ethical responsibility.
GUNVOR SA held criminally liable for acts of corruption in Ecuador
- MAR012024
Gunvor Group reached a $661 million settlement with U.S. and Swiss authorities after being convicted of bribery in connection with oil contracts in Ecuador, highlighting a failure in ethical business practices and undermining public trust.
-70
Public and Political Behavior
March 30
The bribery scheme directly compromised the integrity of political processes by corrupting contract awards in Ecuador, eroding public trust in governmental institutions and reflecting deplorable public and political behavior.
Geneva oil trader reaches $661M settlement with US, Swiss authorities over bribery in Ecuador
-80
Business Practices and Ethical Responsibility
March 30
Gunvor Group's failure to implement adequate internal controls and compliance measures allowed a sustained bribery scheme to flourish, representing a significant lapse in ethical business practices.
Geneva oil trader reaches $661M settlement with US, Swiss authorities over bribery in Ecuador
- MAR012024
Gunvor Group was found guilty for paying approximately $91.8 million in bribes to Ecuadorian intermediaries between 2013 and 2020, facilitating below-market oil deals. Legal actions by Swiss and US authorities culminated on March 1, 2024, highlighting systemic corruption in the company’s practices.
-80
Public and Political Behavior
March 30
Gunvor’s systematic bribery of Ecuadorian officials undermines democratic institutions and subverts fair governance, reflecting a deeply negative impact on public and political behavior.
Ecuador: How Gunvor initiated a decade of corruption - Public Eye
-70
Business Practices and Ethical Responsibility
March 30
The decision to pay multi-million dollar bribes represents a severe breach of ethical business practices, highlighting Gunvor’s willingness to engage in corrupt behavior to secure financial advantages.
Ecuador: How Gunvor initiated a decade of corruption - Public Eye
- SEP262023
Swiss federal prosecutors indicted a former employee of Gunvor for involvement in bribery payments aimed at securing access to the Republic of Congo's petroleum market. The indictment follows an eight-year investigation and a 2019 ruling that penalized the company with a 94 million Swiss franc fine, highlighting serious ethical concerns within the firm's business practices. Gunvor has since ceased operations in the Republic of Congo and enhanced its compliance programs.
-75
Business Practices and Ethical Responsibility
March 30
The indictment for bribery, coupled with a previous 94 million Swiss franc penalty, underscores significant lapses in ethical business practices. Such actions compromise corporate integrity and contribute to undermining public trust and proper regulatory behavior.
Swiss prosecutors indict an ex-employee of trading firm Gunvor over bribes paid in Republic of Congo
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