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Gunvor settles with DOJ over FCPA violations in deals with Ecuador oil officials

Torbjorn Törnqvist, Chairman Gunvor.
Torbjörn Törnqvist, Gunvor Group Chairman. Photo: Stephen Lam/Getty Images

Compliance program fixes include addressing use of off-channel comms.

A unit of Gunvor Group, one of the world’s largest energy commodity trading firms, has agreed to pay about $661m after it admitted to bribing Ecuadorean officials.

Gunvor SA entered a guilty plea to a charge of conspiracy to violate the Foreign Corrupt Practices Act (FCPA) in a federal