Summary:

On February 17, 2025, the well-known Greek online newspaper specializing in coverage of the olive oil industry, “Olivenews”, published an article about a major fraud in Tunisian olive oil estimated to have cost between €80 million and €180 million.  

The fraud was reportedly committed by a well-known Tunisian olive oil trader who is alleged to have received substantial advance payments from Spanish, Italian, and American olive oil buyers and packaging firms. However, at the time of the delivery, the Tunisian trader disappeared, with no clarity as to their whereabouts nor the disposition of the funds. 

According to the article, this has affected Tunisian banks and other European companies. This incident has not yet been confirmed by any official authority in Tunisia; however, other newspapers shared the same information published by Olivenews. 

A similar incident occurred in Tunisia last month, when the national security officers in the Manar district dismantled a fraud network that targeted olive oil producers. The criminals used bounced checks and forged documents under falsified company names to carry out scams. 

Tunisia has long maintained a strong strategic partnership with European olive oil importers. Tunisia’s olive oil exports are mainly destined for Spain, Italy, and the United States. In 2024, Tunisia’s total exports were estimated at 4.9 billion Tunisian dinars (approximately $1.5 billion) and 198,300 tons exported. 

Outlook: 

Tunisia’s olive oil industry was already reeling from a prior crisis following the arrest of CHO group CEO, and Tunisia’s largest olive exporter, Abdelaziz Makhloufi. With the latest fraud case, the Tunisian olive oil sector is facing another reputational challenge that could harm its credibility and perceived reliability on the international market.  

The news could also create broader challenges that transcend the olive oil industry as international investors reflect on the reliability and trust between them and their Tunisian partners. If fraud and other due diligence issues become widespread, whether in fact or just by reputation, Tunisia could lose additional export deals which provide badly needed infusions of foreign currency.  

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