Halister News

(Bloomberg) -- Switzerland’s Office of the Attorney General has widened an investigation into oil-trading activities in the Republic of Congo to include “possible organizational shortcomings” at Gunvor Group that may have been “exploited” by an “ex-employee to perpetrate alleged acts of bribery of foreign officials,” Gunvor says in an emailed statement. 

• Investigation was launched in 2012, when Gunvor filed a criminal complaint alleging that it was the victim of fraud and embezzlement committed by the ex-employee
  • Complaint also included allegation of money laundering
  • Co. says “acts by the ex-employee were unknown to Gunvor, which continues to fully cooperate” with the investigation
• A second employee has also been dismissed for “inappropriate, independent activities” relating to the Republic of Congo
  • Gunvor says it also immediately reported this matter to the Swiss Attorney General’s Office and conducted an internal investigation
• A spokesman for the Swiss Attorney General’s Office did not immediately respond to a phone call and email seeking comment
• Gunvor says it ceased all business in the Republic of Congo, which accounted for less than 1% of oil-trading volumes
• Gunvor says it has taken steps to strengthen compliance controls, establishing clear policies for anti-bribery and corruption, anti-money laundering, market conduct, market abuse and economic sanctions 
• READ: Gunvor statement on investigation from July 3, 2012

--With assistance from Hugo Miller. To contact the reporter on this story: Andy Hoffman in Geneva at ahoffman31@bloomberg.net To contact the editors responsible for this story: James Herron at jherron9@bloomberg.net Rachel Graham