GENEVA, Switzerland: Gunvor, a major energy trader, agreed Friday to pay more than $661 million to U.S. and Swiss authorities to settle a case of bribing a public broker to win contracts in Ecuador.
The Swiss company said it accepts responsibility for the actions of some of its former agents and employees, all of whom stopped working years ago before learning of the US investigation.
Gunvor pleaded guilty Friday in a New York court and will “forfeit $374,560,071 in fines and $287,138,444″ under U.S. regulations.
The resolution recognizes Gunvor’s extensive cooperation with the US Department of Justice investigation, which resulted in significant fine reductions for the company, and the efforts Gunvor has made to strengthen its compliance program, a statement by the company said.
Swiss federal prosecutors said the regulator will receive approximately 87 million Swiss francs (approximately $98 million) from the overall settlement.
Gunvor’s spokesman also said that Ecuadorian authorities will also receive a portion of the settlement, although the amount has not yet been finalized.
In Washington, the Justice Department said Gunvor will pay more than $661 million in fines.
Gunvor’s guilty plea stemmed from the company’s corrupt scheme to pay huge bribes to Ecuadorian government officials to secure business with Petro Ecuador, Ecuador’s state oil company,” the paper said.
Torbjorn Tornqvist, head of the Geneva-based group, said that as a company, Gunvor made a mistake at the time that we regret and have worked hard to correct.
