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Gunvor Ensures Continued Operations
20 March 2014
Anticipating potential economic sanctionsEconomic sanctions are measures imposed by governments or international organizations to restrict trade, financial transactions, or other economic activities with a targeted country, organization, or individual. These sanctions are typically... Read more so to ensure with certainty the continued and uninterrupted operations of Gunvor Group Ltd’s activities, the shares of the company held by Mr. Gennady Timchenko were sold on March 19 from his personal holding vehicle to Mr. Torbjorn Törnqvist personally. As a result, Mr. Törnqvist has become the majority owner of Gunvor Group Ltd, with an 87 percent stake, and Mr. Timchenko has fully divested his entire holdings in the company. The remaining 13 percent of shares are held by senior employees of Gunvor. There are no outside shareholders.
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