Mercuria Energy Group Under Fire: FIA Investigation Uncovers Alleged Fraud and Money Laundering”

The Federal Investigation Authority (FIA) in Pakistan has issued a second notice to Mercuria Energy Group’s senior management, including CEO Marco Dunand, Laoye Abiola, Guillaume Vermerch, Gareth Bradley, and Faysal Khan, to appear before the agency in an ongoing criminal investigation. The probe alleges fraud, cheating, forgery, and embezzlement, and the FIA has sought documents related to Mercuria’s dealings with M/S Eleven Consultancy FZE, M/S Orion Oil Ltd, and SNPC in Congo Brazzaville.

The investigation has uncovered potential violations of Pakistan’s Anti-Money Laundering Act (AMLA) and the Pakistan Penal Code. The FIA has the authority to investigate predicate offences, including preventing debt being available for creditors, cheating, and criminal breach of trust, whether committed within Pakistan or outside.

Mercuria’s failure to provide the requested documents has raised suspicions, and sources close to the investigation suggest that the company may be hiding illicit practices, including seeking favorable pricing options from its partners. If proven, this could lead to a US state department enquiry into Mercuria’s affairs in Africa.

The FIA is determined to investigate further and may register cases against Mercuria Energy Group’s management. With AMLA in play, the agency can seek documents from Swiss authorities and raid Mercuria’s office in Geneva. The case has the potential to uncover a Pandora’s box of investigations against Mercuria and SNPC decision-makers.