In a tale of misconduct in the global oil trade, it has taken years to put an end to a bribing saga involving Gunvor Group Ltd., one of the world’s largest oil traders. The company has recently pleaded guilty and agreed to shell out more than $660 million in light of these transgressions.
Around 2019, when Gunvor was convicted due to bribery charges, CEO Torbjörn Törnqvist pointed towards its newly constituted compliance department as an emblem that the company was now turning over a new leaf. The company, notorious for operating over a decade without a compliance team to scrutinize its payments or trading partners for any sign of illegitimate or irregular activities, had earned a bad reputation in the globe-spanning market of oil trade.
This pronouncement came in response to a Swiss investigation into bribery committed by the company in the Republic of Congo. Following the verdict of this investigation, Gunvor promised to changse its ways, despite enduring bribe payments despite numerous compliance inquiries.
For in-depth coverage of this evolving situation, refer to this in-depth report on the matter by Bloomberg.