The Geneva-based commodities trader Gunvor is once again under criminal investigation in Switzerland, this time over a Gabon oil deal valued at nearly $1 billion. The probe, led by the Office of the Attorney General of Switzerland (OAG), is examining the award process and financial structure of the crude lifting agreement with Gabon. Geneva remains a global hub for oil trading, yet several major traders have faced scrutiny in recent years over African corruption cases.
Gabon’s oil sales under renewed legal scrutiny
The contract under investigation involves Gabonese crude shipments worth close to a billion dollars, according to available reports. Swiss prosecutors are probing whether intermediaries received payments intended to sway the award of the contract by Gabonese authorities. As Africa’s twelfth-largest oil producer—with output around 200,000 barrels per day—Gabon still relies heavily on oil revenues to fund its budget.
This case harks back to a period when Libreville was diversifying its buyer base and seeking to monetize production quickly. Oil pre-financing deals, where traders advance funds against future deliveries, have become common in fragile African oil economies following price declines. These inherently opaque arrangements are now drawing increased attention from European and North American regulators.
Gunvor faces fresh scrutiny amid past convictions
For Gunvor, this latest case arrives as the company continues to address unresolved issues from its African past. In 2019, it was fined nearly 94 million Swiss francs by Swiss authorities for failures in anti-corruption controls related to operations in the Republic of the Congo and Côte d’Ivoire. At the time, the company vowed to strengthen internal compliance systems under pressure from banks and institutional partners.
The recurrence of legal cases raises questions about the effectiveness of the measures implemented since. Swiss authorities, long criticized for leniency toward trading giants, have adopted a tougher stance. The 2020 introduction of corporate criminal liability for failure to prevent corruption expanded the OAG’s investigative reach. The trading sector, which accounts for about 4% of Switzerland’s GDP, has become a key focus of this enforcement push.
International pressure mounts on Libreville
For Gabonese authorities, the case comes at a sensitive moment. The new administration installed after the 2023 transition has made transparency in oil revenues a cornerstone of its legitimacy. The Gabonese Refining Company and national oil firm Gabon Oil Company are under pressure to clarify marketing channels inherited from the previous decade. Formal cooperation with Swiss prosecutors could allow Libreville to demonstrate a break from past practices.
The stakes extend beyond the bilateral relationship. The Extractive Industries Transparency Initiative (EITI)—to which Gabon has reaffirmed its commitment—is monitoring the publication of lifting contracts. Multilateral lenders, including the International Monetary Fund, have tied financial support to improved governance in the hydrocarbons sector. Documented findings of misconduct involving Gabonese intermediaries could complicate ongoing negotiations for a new funding program.
In Switzerland’s trading community, the ripple effects could be significant. Several of Gunvor’s competitors, already investigated for similar issues in Angola, Nigeria, and the Republic of the Congo, will be watching closely for the legal outcome. The potential seizure of illicit profits—potentially totaling tens of millions of dollars in comparable cases—remains a powerful deterrent. The Swiss investigation is now formally underway and may see further developments in the coming months.