Swiss fine commodities firm Gunvor over bribes in Africa

October 17, 2019 - 5:49 am

GENEVA (AP) — Swiss authorities have ordered commodities trading company Gunvor to pay nearly 94 million Swiss francs (dollars) in compensation and fines after being convicted of failing to prevent its representatives from bribing public officials to gain access to oil markets in Congo and Ivory Coast.

The Swiss attorney-general's office says it found "serious deficiencies" in the firm's internal organization that led to its inability to block the bribery between 2008 and 2011.

The office said Thursday it ordered Gunvor to pay compensation of nearly 90 million Swiss francs, "which corresponds to the total profit that Gunvor made from the business in question," and 4 million francs in fines.

The penalty order handed down follows a federal criminal court ruling in the case in August 2018.

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