Gunvor pleaded guilty to US bribery charge

Gunvor pleaded guilty to US bribery charge

Gunvor pleaded guilty to US bribery charge on Friday, marking a significant turn in a case involving the energy commodities giant and the Ecuadorian government. The company admitted to conspiring to bribe officials of the Ecuadorian government in exchange for business opportunities, culminating in a staggering $665 million settlement with both U.S. and Swiss authorities.

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Gunvor pleaded guilty to US bribery charge : Admitting to Conspiracy

In a courtroom drama unfolding before U.S. District Judge Eric Vitaliano in Brooklyn, Gunvor’s chief legal officer stood before the bench, acknowledging one count of conspiracy to violate the Foreign Corrupt Practices Act. The admission revealed that Gunvor utilized intermediaries to funnel bribes to Ecuadorian government officials, a scheme that had far-reaching consequences.

Gunvor’s chief legal officer, Jean-Baptiste Leclercq, declared in an allocution before Judge Vitaliano that the company knowingly participated in a conspiracy to flout the Foreign Corrupt Practices Act, sending shockwaves through the legal and corporate worlds alike.

Monumental Penalties

As part of the resolution, Gunvor agreed to forfeit a staggering sum exceeding $287 million and pay a fine of $374.5 million. Additionally, the company committed to implementing stringent measures to fortify its compliance program, signaling a decisive move towards reform.