Trafigura and Former COO Convicted in Historic Bribery Case

CHSwitzerland|

In a landmark ruling, Switzerland's highest court has convicted commodities trading firm Trafigura and its former chief operating officer, Mike Wainwright, of bribery related to illicit payments aimed at securing access to Angola's oil market. Wainwright received a 32-month prison sentence, while Trafigura was fined $148 million. This case marks the first instance where an entire company has been charged by Switzerland's supreme court, with such bribery convictions of senior executives being notably rare, as reported by Imogen Foulkes.

The court's proceedings revealed that between 2009 and 2011, Trafigura orchestrated a complex payment scheme that involved nearly $5 million directed to an official of Angola's state oil company, using various offshore shell companies to mask the transactions. Despite the company's claims of having excellent compliance measures, evidence presented contradicted this, showcasing an elaborate strategy to circumvent anti-corruption regulations.

With an appeal planned by Wainwright and the company, he was not taken into custody immediately. The ruling sends a strong message to the commodity trading industry, particularly in Geneva where many firms are based.

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