Geneva oil trader reaches $661M settlement with US, Swiss authorities over bribery in Ecuador
8 months ago
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Geneva-based commodities trading firm Gunvor said Friday that it has reached a $661 million settlement with U.S. and Swiss prosecutors after convictions for bribery of foreign officials in connection with the petroleum industry in Ecuador. The Swiss attorney general's office says the company, which was founded decades ago by oil traders Gennady Timchenko of Russia and Torbjörn Törnqvist of Sweden, didn't take “reasonable and necessary organizational measures” to prevent bribery by its employees in the South American country over four years starting in February 2013.
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