Trafigura, Former Executive Convicted in Landmark Bribery Case

In a landmark ruling, Switzerland's highest court convicted commodity trading giant Trafigura and its former COO, Mike Wainwright, for bribery related to securing lucrative oil contracts in Angola. The court found that between 2009 and 2011, Trafigura paid nearly $5 million to an Angolan official through a complex network of shell companies to facilitate contracts worth approximately $144 million. Wainwright received a 32-month prison sentence, with his legal team planning to appeal the conviction, which is notable as it marks the first time a company and its senior executive have faced criminal charges of this nature in Switzerland. Prosecutors presented substantial evidence, including memos and emails, that revealed Trafigura's efforts to circumvent its own anti-corruption measures. The case is expected to have significant implications for the commodities trading industry, which is often criticized for its lack of transparency and susceptibility to corruption. Trafigura has denied wrongdoing and plans to contest the verdict.