Swiss prosecutors raided the Geneva headquarters of commodity trader Gunvor on Tuesday, part of a criminal probe into suspected bribery of foreign officials. The search followed the trader’s own report that it fell victim to a $2 million fraud involving a maritime services provider and a former employee. Gunvor says it is cooperating and is not a target of the investigation.

The alleged scheme surfaced during Gunvor’s internal review triggered by a claim from Vakana Invest tied to its 2024 $800 million transaction with Gabon Oil Company and Assala Energy. While the review found no bribery in the Assala deal, it identified fraudulent overcharges totalling about $2 million over five years, prompting the firm to fire the implicated staffer and file a criminal complaint in Dubai.

Gunvor’s latest legal hurdle arrives as the firm tries to shed a history of corruption convictions in 2019 and 2024, which saw Swiss courts hold it liable for inadequate anti‑bribery controls. CEO Gary Pedersen, appointed in December, has stressed a “fresh start” and a push into U.S. energy markets. The raid underscores ongoing regulatory risk that could deter investors and complicate future acquisitions.