Oil trader admits to role in major Ecuador bribery scheme

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MIAMI (AP) — A former employee of commodities trading giant Gunvor has pleaded guilty to helping pay more than $22 million in bribes to high-level officials in Ecuador in exchange for contracts with the state-run oil company. As part of his plea deal Tuesday in Brooklyn federal court Raymond Kohut agreed to forfeit $2.2 million in proceeds from the bribery scheme, which he said ran from at least 2012 to August 2020. Switzerland-based Gunvor said it was cooperating with U.S. investigators. The plea follows a crackdown by U.S. prosecutors against South America’s commodities market.

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