Oil Trader With ‘History of Misconduct' Took Years to End Bribes [BNN Bloomberg (Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: BNN Bloomberg
Gunvor, by then one of the world's largest oil traders, had operated for more than a decade without a compliance team to monitor its payments or trading partners for signs of illegal or irregular activity. But then it was hit by a Swiss investigation into bribery in the Republic of Congo, and it pledged to turn around. “We need to take our experience in Congo very seriously and learn our lessons from that. We must make sure we never find ourselves in that situation again,” Törnqvist said at the time. Yet even as he spoke, his company was not only still paying bribes halfway across the world in Ecuador, but the payments were continuing despite concerns being raised by its compliance department. On Friday, as Gunvor pleaded guilty to US bribery charges, the trading house admitted the team had been looking into the Ecuador payments for nearly two years before putting a stop to them. Gunvor's guilty plea is the latest in a string of black eyes for the world's commodity traders, aft
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