⏱ 1 min 30 read
Background
Gunvor is a commodity trader headquartered in Geneva. It granted the Gabon Oil Company a loan of around one billion dollars, according to Gabonreview. The loan financed the Gabonese state's takeover of oil assets, notably those of Assala Energy.
The key points
Gunvor's Geneva headquarters was searched in May by the federal police, on the orders of the Office of the Attorney General of Switzerland (OAG). The search is part of criminal proceedings on suspicion of bribery of foreign public officials, according to swissinfo.ch.
The information was revealed by the NGO Public Eye, then confirmed to Keystone-ATS by the OAG. According to Gabonreview, the proceedings are against persons unknown. The OAG gave no further details and reiterated the presumption of innocence.
Key figures
- Around one billion dollars lent by Gunvor to the Gabon Oil Company.
- Two previous convictions of Gunvor in Switzerland, in 2019 and 2024.
What it means for businesses
Public Eye questions an oil contract concluded in Gabon in 2024. The NGO says it identified a parallel payment system used to pay intermediaries in Africa.
Who says what
Gunvor says Public Eye "exaggerates and distorts the information". The company says it has never seen or known of any such contract. It stresses that it is not the target of the proceedings and says it is cooperating fully with the authorities.
What's next
The OAG investigation is ongoing. In 2019, Gunvor was convicted over acts linked to Congo and Côte d'Ivoire. In 2024, it was found criminally liable in a case linked to Ecuador.
