Swiss prosecutors launch new probe into gunvor’s Gabon oil contract

The commodities trading firm Gunvor is once again under criminal investigation in Switzerland, this time concerning an oil contract with Gabon valued at approximately one billion dollars. The proceedings, led by the Office of the Attorney General of Switzerland (MPC), are examining the conditions of allocation and the financial arrangements surrounding the agreement for the lifting of Gabonese crude. Geneva remains a global hub for hydrocarbon trading, and several of its major players have faced scrutiny over African corruption cases in recent years.

Renewed focus on gabonese crude sales practices

The contract under investigation by Swiss authorities involves shipments of Gabonese oil amounting to nearly a billion dollars, according to publicly available information. Helvetic magistrates are seeking to ascertain whether intermediaries received commissions intended to influence the market’s award by Gabonese officials. Gabon, Africa’s twelfth-largest crude producer with an output of around 200,000 barrels per day, largely relies on these sales for its national budget revenue.

The transaction being scrutinized dates back to a period when Libreville aimed to diversify its buyers and rapidly monetize its production. So-called pre-financing contracts, where a trader advances funds against future deliveries, have become commonplace in African oil economies, often weakened by fluctuating prices. These inherently opaque arrangements are now attracting significant attention from European and North American regulators.

Gunvor: a repeat offender under swiss judicial scrutiny

For the Geneva-based group, this new case emerges while it is still addressing its past issues in Africa. In 2019, Gunvor was previously fined nearly 94 million Swiss francs by the MPC for organizational deficiencies in corruption cases involving Congo-Brazzaville and Côte d’Ivoire. The company had committed to strengthening its internal compliance procedures, influenced by pressure from its banks and institutional partners.

The recurring nature of these investigations raises questions about the actual effectiveness of the control mechanisms adopted since the previous judgment. Swiss authorities, long criticized for their leniency towards trading giants, have significantly tightened their doctrine. The establishment in 2020 of corporate criminal liability for failing to prevent corruption has broadened the MPC’s scope of action. The trading sector, which accounts for approximately 4% of Switzerland’s GDP, has become a priority area for this stricter enforcement policy.

Libreville faces renewed international pressure

For Gabonese authorities, this affair comes at a sensitive juncture. The new administration, established after the 2023 transition, has championed the traceability of oil revenues as a pillar of its legitimacy. The Gabonese Refining Company and the national firm Gabon Oil Company are being called upon to clarify the commercialization channels inherited from the previous decade. Formal cooperation with Swiss justice, if pursued, would offer Libreville an opportunity to demonstrate a clear break from past practices.

However, the stakes extend beyond bilateral relations. The Extractive Industries Transparency Initiative (EITI), which Gabon has rejoined, monitors the publication of lifting contracts. Multilateral donors, notably the International Monetary Fund, condition their support on improved governance within the hydrocarbon sector. Documented allegations against Gabonese intermediaries could significantly impact ongoing discussions regarding a new financial program.

Within the Swiss trading community, the repercussions could spread. Several of Gunvor’s competitors, already under investigation for similar activities in Angola, Nigeria, or the Republic of Congo, will closely monitor the legal classification adopted by the magistrates. The potential confiscation of illicit profits, which could amount to tens of millions of dollars in comparable cases, remains a powerful deterrent. The Swiss investigation is now formally underway, with further developments anticipated in the coming months.