Congo Insider Trading Probe: Belgian Passport Maker Allegedly Helped Gunvor Secure African Oil Fields with Bribes

Belgian Passport Maker, Semlex, at the Heart of Congo Insider Trading Investigation

The Democratic Republic of Congo (DRC) is investigating Swiss oil trader, Gunvor, and a Belgian passport maker, Semlex, for insider trading and bribery allegations related to lucrative oil deals secured between 2006 and 2012.

Gunvor’s Search for New Oil Sources

Swiss billionaire Torbjorn Tornqvist, CEO of Gunvor, sought new sources of crude oil in 2006 as tensions between the US and Russia threatened to cut off the company’s primary oil supply. The Moho-Bilondo oilfield in Central Africa was identified as a promising solution.

Facilitating a Deal with Government Officials

Tornqvist allegedly turned to local advisor Maxime Gandzion, a former executive at French oil giant Total, who had become a special adviser to Congolese President Denis Sassou-Nguesso. Gandzion facilitated a deal that reportedly earned Gunvor about US$ 2.2 billion from tankers of crude between 2010 and 2012.

Alleged Violation of Congolese Law

The deal allegedly violated Congolese law as the shipments were not procured through a required public tender, and the funds for the contracts reportedly came from inflated loan fees charged to the Congolese state oil company.

Semlex’s Role in Gunvor’s African Dealings

Semlex, a Belgian biometric data company, was instrumental in Gunvor’s dealings in Africa. Previously, Semlex helped Gunvor win favorable oil trade deals in Cote d’Ivoire, receiving payments totaling $48 million in exchange.

Laundering Funds Through a Network of Offshore Companies

Payments from Gunvor to Semlex were laundered through a network of offshore companies across Switzerland, Hong Kong, Mauritius, Luxembourg, and Monaco. The funds appeared as shipping fees to conceal the true relationship between Semlex and Gunvor.

Emails and Wire Transfers Reveal the Movement of Funds

The documentation shows that Gunvor’s middlemen, including Maxime Gandzion and his son Yoann, used Semlex-connected companies to move funds around. Yoann was previously a business partner of Albert Karaziwan, Semlex’s founder.

Denial of Allegations by Gunvor

Gunvor has denied any allegations of wrongdoing and maintained that their dealings in the DRC and Cote d’Ivoire were legal and ethical. However, the patterns found in the documentation merit further investigation into the relationships between Gunvor, Semlex, and government officials in the DRC and Cote d’Ivoire.

Gunvor, Semlex, Maxime Gandzion, and Albert Karaziwan have yet to respond to requests for comment.