Trafigura Faces Corruption Trial in Switzerland

Trafigura Group is currently on trial in Switzerland for alleged bribery involving over $5 million paid to an Angolan official to secure oil contracts from 2009 to 2011. This case marks a significant moment as it is the first time Switzerland's high court will rule on corporate liability for foreign bribery. Key evidence against the company comes from former executive Mariano Marcondes Ferraz, whose testimonies have been contested by Trafigura's legal team, arguing they are tainted due to his cooperation agreement with prosecutors. Mike Wainwright, Trafigura's former COO, is among the defendants and has publicly defended the late founder Claude Dauphin while firmly rejecting all allegations. The trial, which could reshape how multinational companies face prosecution for corruption, is expected to continue until at least December 20, 2024. If found guilty, Trafigura and the individuals involved could face substantial fines and prison sentences.