A former employee of European energy trader Gunvor Group Ltd. pleaded guilty to participating in a bribery scheme involving Ecuador’s state-controlled oil company.
Raymond Kohut, 68 years old, pleaded guilty Tuesday to a single count of money laundering at a plea hearing held virtually before a Brooklyn federal judge.
Mr. Kohut said in a statement read to the judge that he worked with two of his supervisors Gunvor and two independent consultants to funnel millions of dollars in bribes to Ecuadorean officials to win business from Petroecuador. Prosecutors said separately that the scheme involved the payment of more than $22 million in bribes.
A Gunvor spokesman said the company was cooperating with the Justice Department’s investigation into the matter. “Gunvor Group has learned of charges being brought against a former employee of the company by the U.S. Department of Justice that relate to business with an intermediary agent and Petroecuador,” the spokesman said.
The original full article can be found at wsj.com