Swiss Court Unveils Landmark Bribery Case Against Trafigura

Trafigura and other defendants face a Swiss criminal court trial for allegedly bribing an Angolan oil official through payments between 2009 and 2011. This landmark case challenges company and executive liability, involving former top executive Mike Wainwright and highlights the complex web of international business and corruption.

In a groundbreaking legal proceeding, Trafigura and three other defendants, including a former board member, are on trial in Switzerland over alleged bribery linked to Angolan oil deals. This marks the first instance the Swiss top criminal court will evaluate corporate liability for bribing a foreign official.

The case, detailed in a comprehensive indictment, accuses Trafigura of failing to implement adequate measures to avert $5 million in bribes for oil and shipping contracts between 2009 and 2011. In its defense, Trafigura's former parent company, TBBV, cited compliance with then-legal anti-corruption standards.

Among the accused is Mike Wainwright, Trafigura's former chief operating officer. He, along with a former Angolan official and an ex-Trafigura employee, faces potential prison sentences and fines. The trial, unfolding in Bellinzona, could extend into January amid claims that Trafigura profited handsomely from the controversial deals.

(With inputs from agencies.)