25 Aug, 23

Gunvor Sees Oil Trading Profit Fall Amid Lower Volatility, Bribery Fine

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Swiss trader Gunvor has seen profits fall in the first half of this year, and has more than doubled its provision for an expected fine in its ongoing bribery case.  The global energy trader has increased the amount set aside to cover the fine to $450 million up from $200 million set aside in 2022.  A former Gunvor employee pled guilty in 2021 to a scheme to bribe Ecuadorian government officials in a bid to win business.  Gunvor also saw its first-half net profit slip to $803 million from $841 million for last year’s corresponding…

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