A major fraud scandal, estimated to be worth between €80 million and €180 million, has rocked the Mediterranean, with Tunisian banks and several European companies among the victims.
While the world watches the seismic activity in Santorini and Amorgos, an economic earthquake has erupted in Tunisia, shaking the Spanish and Italian olive oil industries to their core. A well-known Tunisian trader is alleged to have received substantial advance payments from Spanish, Italian, and American importers and packaging firms in exchange for olive oil shipments. However, when the time came for delivery, the seller disappeared—along with the funds—leaving no trace of the promised product.
Such fraudulent schemes have surfaced in the past, particularly during times of product shortages when businesses are desperate to secure supplies. However, the scale of this particular scam has sent ripples throughout the market.
As the dust settles, the crisis has not only left companies reeling from financial losses but has also triggered a surge in demand as buyers scramble to fill the void left by Tunisia’s sudden collapse. The industry now faces a period of uncertainty, with trust in cross-border trade shaken and suppliers under increasing scrutiny.