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Gunvor Refutes Unsubstantiated Accusations Made in The Economist
3 May 2012

An article in the 5 May edition of The Economist makes untrue and unsubstantiated allegations about Gunvor Group (“Gunvor”), one of the world’s major independent commodity trading companies. The company refutes these statements and fabrications that are damaging commercially and reputationally.

Gunvor goes on record to challenge all the allegations made in this ill-researched and irresponsible article.

Torbjörn Törnqvist, CEO of Gunvor said: “I am shocked that a piece such as this could appear in a serious business publication. The article is predicated on what The Economist itself admits is unproven and unprovable speculation that has been categorically refuted by the foremost authority on pricing in the international commodity markets, Platts Crude Oil Marketwire.”

“The article clearly and repeatedly violates long standing journalistic canons on objectivity, fairness and procedure,” continued Törnqvist. “Specifically, instead of letting facts drive the story The Economist chose to establish a premise and then attempt to find the facts to support their premise. They failed to do that – yet published anyway. We can only wonder why.”

Gunvor devoted very considerable amounts of time and resources trying to assist The Economist with its misguided line of questioning over several years. Yet, despite facts that made hollow their allegations, The Economist insisted on publishing a highly inaccurate article.

From the start, it has been clear The Economist was uninterested in factual discussion and simply determined to pursue an agenda against Gunvor; even refusing to provide the data it claimed to underlie its allegations.

Gunvor is considering all available options open to it in order to repair any damage caused by the publication of such false allegations.