Torbjörn Törnqvist

Torbjörn Törnqvist
Born	1953 (age 71–72) Stockholm, Sweden
Nationality	Swedish
Alma mater	Stockholm University
Occupation	Businessman

Torbjörn Törnqvist (born 1953) is a Swedish billionaire, and the CEO and co-founder of Gunvor, "one of the largest commodities conglomerates in the world", with the Russian billionaire, Gennady Timchenko.[1][2]

Early life

Törnqvist was born in 1953,[3] in Stockholm, Sweden.[2] He has a degree from Stockholm University.[1]

Career

Törnqvist co-founded Gunvor in 1997,[3] and he is its CEO.[2]

In 2016, he reduced his stake in Gunvor from 78% to 70%, and received a special dividend of about $1 billion, part of which went to repay his co-founder Gennady Timchenko, who sold his 44% to Törnqvist in March 2014, a day before Timchenko was sanctioned by the US for his "close ties to Vladimir Putin".[4]

Controversies

In 2017, a Swedish Radio documentary presented evidence that Gunvor had been involved in a Belarusian oil smuggling scheme under Törnqvist's watch, featuring corruption at the highest levels in the Belarus government.[5] This documentary won the 2017 Prix Europa award in the "Radio Current Affairs" category.[6] Gunvor has officially denied any wrongdoing.

In March 2024, Gunvor was ordered to pay 662 million dollars in fines after an FBI investigation of its dealings in Ecuador, pleading guilty to bribery of government officials.[7]

Sailing

Törnqvist is a keen sailor, and the head of Artemis Racing, who have competed in the America’s Cup.[8][9]

Personal life

Törnqvist lives in Geneva, Switzerland.[1]

His first wife was Eva Birgitta Törnqvist.[10] His second wife is Natalia Törnqvist.[10]

References

1. "Torbjorn Tornqvist". Forbes.com. Retrieved 20 April 2017.
2. "Leadership". Gunvor Group. Retrieved 20 April 2017.
3. "InterOil, LNG, Gunvor ink deal on gas scheme". The National. 28 November 2011. Retrieved 20 April 2017.
4. "Billionaire Gunvor CEO Tornqvist Cutting Stake in Oil Trader". 31 May 2016 – via www.bloomberg.com.
5. "KGB-agenten och oljesmugglingen". 7 May 2017 – via sverigesradio.se.
6. "Ekot-granskning om oljesmuggling prisas". 20 October 2017 – via hsverigesradio.se.
7. "Gunvor S.A. Pleads Guilty to Scheme to Bribe Ecuadorian Officials and Ordered to Pay Over $600 Million in Criminal Penalties". United States Attorney's Office Eastern District of New York. justice.gov.
8. "Torbjörn Törnqvist, head of Artemis Racing – Yachting World". 21 July 2015.
9. "Artemis Racing Launches Its AC Race Boat - Bernews.com". bernews.com. 22 February 2017.
10. "Oljemiljardären lever livet i hundra knyck". www.aftonbladet.se.