Gunvor S.A. Settles Corruption Case with Ecuador for $93.6 Million

Swiss commodities trader Gunvor S.A. has paid Ecuador $93.6 million as part of a settlement over a corruption case. The payment follows a court case in the U.S. where Gunvor pled guilty to paying bribes to Ecuadorean officials between 2012 and 2020 to secure business with Petroecuador.

Swiss commodities trader Gunvor S.A. has paid Ecuador $93.6 million in a deal reached over a corruption case, Ecuador's procurator said in a statement on Tuesday. The funds have already been credited to the country's treasury, the statement said, and stem from a court case in the U.S. where the company pled guilty to violating corruption laws and paying Ecuadorean officials bribes to ensure business with state-run oil company Petroecuador.

The bribes were paid between 2012 and 2020, the statement added. Gunvor did not immediately respond to a request for comment.