In brief
In a groundbreaking legal case, Switzerland’s highest court has found the commodities trading giant Trafigura and its former chief operating officer, Mike Wainwright, guilty of engaging in bribery to secure advantageous contracts in Angola's oil market, setting a precedent for corporate accountability.
Switzerland's highest court has handed down a significant ruling in a bribery case, convicting the commodities trading company Trafigura and Mike Wainwright, its former chief operating officer. The court imposed a 32-month prison sentence on Wainwright and levied a substantial fine of $148 million (£119 million) against the firm. This rare conviction of both a corporation and a senior executive highlights the seriousness with which Swiss authorities are addressing corporate scandal within the lucrative oil trading industry.The case revealed that between 2009 and 2011, Trafigura orchestrated an elaborate scheme involving middlemen and shell companies to channel nearly $5 million (£4.02 million) to an Angolan state oil company official. This manipulation led to contracts valued at approximately $144 million (£115.93 million; €138.56 million) being awarded to Trafigura, as demonstrated by records produced in court.Despite strong evidence, including numerous documents and emails implicating Trafigura in systemic corruption, the company maintained its innocence and cited robust anti-corruption measures that had received third-party approval. However, the evidence painted a different story, revealing extensive practices aimed at sidestepping these measures. A revealing element of the saga included a mysterious middleman dubbed "Mr. Non-Compliant," confirmed to be associated with illicit actions across various offshore locations.The ramifications of this verdict are expected to reverberate through the global commodities trading landscape, particularly in Geneva, which is home to numerous trading firms. Furthermore, a fire at the Hotel des Bergues—where an Angolan official stayed on Trafigura’s tab before the ruling—added an eerie twist to the timeline.Swiss prosecutors view this case as a crucial step away from traditional business practices characterized by corruption. Wainwright, in court during the verdict announcement, steadfastly rejected the charges against him. Although the sentence has been imposed, he has not been taken into custody as he plans to appeal the ruling, but is required to serve at least one year of his sentence before any possible release.
