Swiss Trafigura Corruption Trial Seeks $156M in Penalties

Swiss prosecutors are pursuing over $156 million in penalties from Trafigura and a four-year jail sentence for former COO Mike Wainwright in a corruption case involving bribes to an Angolan official. This marks a landmark trial on corporate liability for foreign bribery in Switzerland.

In Switzerland, prosecutors have intensified their pursuit of justice, seeking over $156 million in fines and compensation from Trafigura, along with a four-year prison term for its former COO, Mike Wainwright. This unprecedented case targets company liability for foreign bribery and involves significant financial implications.

Between 2009 and 2011, Trafigura, alongside three co-defendants, allegedly paid over $5 million in bribes to an Angolan official, aiming to secure oil deals. Discussions in court have included testimonies from a current Trafigura director and evaluations of internal company records, shedding light on the extent of these actions.

Despite the weight of such accusations, Trafigura stands in defense, emphasizing the adequacy of their compliance measures during the alleged violations. As closing arguments wrap up, a verdict is anticipated next year, with the possibility of an appeal looming over any imposed sentences. The case reflects broader issues of corporate governance in global markets.

(With inputs from agencies.)