Fri, 31 Jan 2025

Ex-Trafigura boss convicted of bribery in landmark case

The commodities giant went on trial in Switzerland over attempts to gain access to Angola's oil market.
Switzerland's highest court has found Trafigura, a global commodities trading giant, guilty of bribery and corruption in its dealings with Angola. The company's former chief operating officer, Mike Wainwright, was handed a 32-month prison sentence and fined $148 million. This is a landmark case as it marks the first time an entire company has been convicted by Switzerland's highest court, and a rare conviction of senior staff for bribery. Trafigura denies any wrongdoing and plans to appeal against the verdict. The case involves allegations that the company paid millions of dollars in bribes to gain access to Angola's lucrative oil market through a complex web of shell companies and middlemen. Documents presented to the court show payments were made on Trafigura's own notepaper, and the company had set up an intricate structure to evade its anti-corruption measures.
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