Gunvor's Geneva office raided in corruption probe over 2024 Gabon oil contract
via Gabon Review3 min read
The Geneva headquarters of commodity trader Gunvor was searched in May as part of an investigation into suspected corruption of foreign public officials. The probe centers on an oil contract signed with Gabon in 2024, which occurred amid the nationalization of strategic assets and significant financing provided to the Gabon Oil Company GOC. The investigation, revealed by NGO Public Eye and confirmed by the Public Prosecutor's Office of the Confederation MPC, focuses on the 2024 oil contract, which Public Eye described as "opaque." According to Public Eye, this contract is linked to a major financial operation that enabled the Gabonese state to regain control of strategic oil assets, including those of Assala Energy. To finance this acquisition, Gunvor reportedly granted GOC a loan of approximately one billion dollars. In return, Gunvor allegedly secured privileged, and according to some sources, exclusive access to the marketing of Gabonese crude oil. Sector observers have highlighted that certain clauses in the agreement appear particularly advantageous for the Swiss trader. Critics have raised concerns about the loan repayment terms, which mandate substantial monthly payments from Gabon over five years, with analysts suggesting these financial arrangements could heavily impact the country's oil revenues. Public Eye's investigation also claims to have identified a system of parallel payments intended to compensate intermediaries in Africa. These revelations reportedly prompt
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