SWITZERLAND’S top criminal court has convicted commodities trading giant Trafigura and a former senior executive, Mike Wainwright, on charges of bribery related to oil contracts in Angola. This unprecedented case m
arks the first time a company has been charged with corrupting a foreign official at Switzerland’s highest court, as reported by Reuters.
The court ordered Trafigura to pay a fine of 3 million Swiss francs (about $3.3 million) and $145.6 million in compensation for the corruption scandal, which involved payments made to an Angolan official in exchange for securing lucrative oil deals between 2009 and 2011. Wainwright, who was Trafigura’s Chief Operating Officer at the time, was sentenced to 32 months in prison, of which 12 months must be served.
Wainwright’s lawyer announced plans to appeal the decision, which means the prison sentence will be suspended until the appeal process concludes. Despite denying all charges, Wainwright, a former racing driver, appeared unfazed in court when the verdict
was delivered.
The case represents a rare example of a top executive from a major trading company facing criminal charges for corruption. Swiss prosecutors allege that Trafigura and its intermediaries paid over $5 million in bribes to the Angolan official to secure the oil contracts (Reuters). The court presented numerous documents, emails, and memos as evidence, some from an ex-Trafigura employee known as ‘Mr. Non-Compliant,’ who was infamously associated with actions against the company’s internal policies.
In response, Trafigura stated that its compliance programme at the time met legal standards and claimed that the company was in good standing with anti-corruption laws. The firm’s lawyer, Jean-Francois Ducrest, said the company would review the situation following the verdict and emphasized that this is just the first step in a lengthy legal process.
This conviction sends a strong message from Swiss authorities, reflecting their determination to combat transnational corruption, particularly in the commodities sector. It also highlights the increasing scrutiny on global trading companies and their involvement in corruption-related activities.
