Commodities trading giant Gunvor is once again the subject of a criminal investigation in Switzerland, this time concerning an oil contract with Gabon valued at approximately one billion dollars. The proceedings, led by the Swiss Public Prosecutor’s Office (MPC), are scrutinizing the conditions under which the crude oil off-take agreement was awarded and the intricate financial arrangements surrounding it. Geneva continues to be a global hub for hydrocarbon trading, and in recent years, several of its major players have faced scrutiny over African corruption cases.
Renewed focus on Gabon’s crude oil sales
The contract currently under examination by Swiss investigators involves Gabonese oil shipments worth close to one billion dollars, according to public disclosures. Swiss magistrates are working to determine if intermediaries received commissions intended to influence the market allocation by Gabonese authorities. Gabon, which stands as Africa’s twelfth-largest crude producer with an output of around 200,000 barrels per day, remains heavily dependent on these crucial oil sales for its national budget.
The operation in question dates back to a period when Libreville was actively seeking to diversify its buyers and rapidly monetize its oil production. So-called pre-financing contracts, where a trader advances funds in exchange for future deliveries, have become a common practice in African oil economies, particularly those weakened by fluctuating commodity prices. These inherently opaque arrangements are now increasingly drawing the attention of 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 grappling with its past dealings in Africa. In 2019, Gunvor was previously ordered by the MPC to pay nearly 94 million Swiss francs due to organizational deficiencies related to corruption cases in Congo-Brazzaville and Côte d’Ivoire. Following that conviction, the company had committed to strengthening its internal compliance procedures, driven by pressure from its banking partners and institutional stakeholders.
The recurring nature of these investigations raises significant questions about the actual effectiveness of the control mechanisms implemented since the previous ruling. Swiss authorities, who were long criticized for their perceived leniency towards trading giants, have since adopted a stricter stance. The establishment in 2020 of corporate criminal liability for failing to prevent corruption has broadened the scope of action for the MPC. The trading sector, which contributes approximately 4% to Switzerland’s GDP, has become a priority area for this reinforced enforcement policy.
Libreville faces new international pressure
For the Gabonese authorities, this affair comes at a particularly sensitive juncture. The new administrations, installed after the 2023 transition, have championed the traceability of oil revenues as a cornerstone of their legitimacy. Both the Société gabonaise de raffinage and the national company Gabon Oil Company are now tasked with clarifying the commercialization channels inherited from the previous decade. Formal cooperation with Swiss justice, if it materializes, could provide Libreville with an opportunity to publicly demonstrate a clear break from past practices.
However, the implications extend beyond bilateral relations. The Extractive Industries Transparency Initiative (EITI), which Gabon has recently rejoined, closely monitors the publication of off-take contracts. Multilateral lenders, notably the International Monetary Fund, tie their support to improved governance within the hydrocarbon sector. Documented allegations against Gabonese intermediaries could therefore significantly impact ongoing discussions surrounding a new national program.
Within the Swiss trading community, the repercussions could spread further. Several of Gunvor’s competitors, already under investigation for similar activities in Angola, Nigeria, or the Republic of Congo, will be closely observing the legal classification adopted by the magistrates. The potential confiscation of illicit profits, which in comparable cases have amounted to tens of millions of dollars, remains a powerful deterrent. The Swiss investigation is now formally open and is expected to see further developments in the coming months.
