All articles tagged with #gunvor
Torbjörn Törnqvist, Gunvor's billionaire CEO, is stepping down and selling his majority stake to senior staff amid US sanctions and scrutiny over the company's ties to Russia, with Gary Pedersen appointed as the new CEO to steer the company forward and dispel past misperceptions.
Lukoil faces a crisis after the US blocked its deal with Gunvor due to sanctions, risking a €14bn asset loss and raising the possibility of a takeover by Rosneft, as the company’s international expansion is halted and domestic prospects are limited.
Swiss trader Gunvor withdrew its $22 billion bid to acquire Lukoil's assets after U.S. sanctions branded the company a 'Kremlin puppet' and blocked the deal, leaving Lukoil's international operations uncertain.
Lukoil has accepted an offer from Gunvor to sell its foreign assets due to US sanctions, marking a significant response by a Russian company to Western sanctions over the Ukraine conflict. The deal is pending US approval and involves Lukoil's international operations, including major assets in Iraq, Bulgaria, and Romania.
Gunvor, a Swiss commodities trading company, has pleaded guilty and agreed to pay over $661 million to resolve a U.S. Justice Department investigation into violations of the Foreign Corrupt Practices Act. The company admitted to a corrupt scheme involving substantial bribes to Ecuadorean government officials to secure business with Petroecuador. Gunvor will pay a criminal monetary penalty of $374,560,071 and forfeit $287,138,444 in ill-gotten gains. The guilty plea and sentencing mark efforts to combat corruption, with the company also resolving investigations by Swiss and Ecuadorean authorities. Gunvor's cooperation and remedial measures were considered in the resolution, which also involved guilty pleas from individuals implicated in the bribery scheme.