Ex-Trafigura Executive Convicted in Historic Swiss Corruption Case

In a landmark ruling, Switzerland's top court found trading house Trafigura and its former COO Mike Wainwright guilty of corruption for bribing an Angolan official. Trafigura faces hefty fines while Wainwright received a 32-month sentence, adding to rare high-profile convictions in the commodities sector.

Switzerland's highest criminal court has made headlines by convicting Trafigura, a major trading firm, and its former COO Mike Wainwright on corruption charges. The charges stemmed from bribery allegations involving payments to an Angolan official in return for oil contracts.

In a rare judgement, Trafigura has been ordered to pay a fine of 3 million Swiss francs and compensation totaling $145.6 million. Mike Wainwright received a 32-month prison sentence, though only 12 months are to be served, pending an appeal that halts execution of the sentence.

Swiss prosecutors hailed the verdict as a significant action against transnational corruption, underscoring their commitment to tackling illicit activities in the commodities sector. The ruling marks the first instance of its kind at Switzerland's apex court, drawing global attention in the corporate and legal communities.

(With inputs from agencies.)