Swiss prosecutors have secured a landmark conviction against commodities trading giant Trafigura and its former Chief Operating Officer, Mike Wainwright, in a high-profile bribery case. The Swiss Federal Criminal Court found that Trafigura and Wainwright paid millions in bribes to an Angolan official in exchange for lucrative oil contracts between 2009 and 2011.
The court ordered Trafigura to pay a fine of 3 million Swiss francs (USD 3.3 million) and USD 145.6 million in compensation, while Wainwright was sentenced to 32 months in prison, of which 12 must be served. The ruling marks the first time a company has been convicted in Switzerland’s highest court for corrupting a foreign official.
Judge Stephan Zenger highlighted “organizational failures” at Trafigura, stating that a company of its scale should have exercised greater oversight of payments to intermediaries. “The shortcomings noted are not negligible,” he told the court.
Wainwright, who prosecutors say personally benefitted from the bribery scheme, denied all allegations. His lawyer announced plans to appeal the verdict, which will place the prison sentence on hold pending further proceedings. “Today’s verdict lacks grounding,” his defense team claimed, arguing that the court disregarded key evidence that would exonerate him.
The case is part of a broader effort by Swiss authorities to crack down on transnational corruption, particularly within the commodities sector. In a statement, Switzerland’s Office of the Attorney General hailed the ruling as a “strong signal” of its determination to combat corporate bribery.
The prosecution alleged that Trafigura and its intermediaries funneled over USD 5 million in bribes to the Angolan official to secure oil deals. While the total penalties imposed on the company amount to just under USD 156 million—slightly less than what prosecutors initially sought—the fine remains a fraction of Trafigura’s massive earnings, which have surged in recent years due to rising energy prices.
A lawyer representing Trafigura described the verdict as “a first step in a long judicial process,” indicating that the company will review its legal options. In a statement, the Singapore-based commodities giant expressed disappointment but emphasized that it has made significant improvements to its compliance program in recent years.
Two additional defendants, including the Angolan official who allegedly accepted the bribes, were also found guilty. One received a 36-month sentence, partially suspended, while the other was handed a fully suspended 24-month sentence. Due to Swiss privacy laws, their names have not been disclosed.
During the trial, prosecutors presented extensive documentary evidence, including emails, memos, and internal messages. One key figure in the case was an ex-Trafigura employee allegedly nicknamed “Mr. Non-Compliant” by the company’s late founder, Claude Dauphin, for engaging in prohibited activities. Dauphin’s family has rejected this characterization, arguing that undue weight has been given to the allegations against him.
As one of the most significant corruption trials in Switzerland’s history, the case signals increased scrutiny of corporate misconduct in the global commodities trade. With Wainwright set to appeal and Trafigura weighing its legal response, the full ramifications of the verdict remain to be seen.
Source: Reuters
