"Gunvor Agrees to $661M Settlement for Ecuadorian Bribery Case"
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.