Author name: Adlia

Swiss court convicts Trafigura in Angola bribery case

World /

In a landmark decision, Switzerland’s top criminal court on Friday convicted commodities trading giant Trafigura of bribery in a case linked to lucrative oil contracts in Angola. This marks the first time a multinational company has been found guilty of such an offense in Swiss courts. The Federal Criminal Court in Bellinzona fined Trafigura 3 million Swiss francs (approximately $3.3 million) for payments totaling nearly $5 million to a foreign public official. The court also ordered the company to set aside $145 million for potential compensation claims, reflecting the substantial profits prosecutors argued Trafigura reaped from the illicit scheme. The case centered on allegations that Trafigura, through its former parent company, lacked adequate safeguards to prevent unlawful payments to an official at Angola’s state oil company, Sonangol. Mike Wainwright, former Chief Operating Officer of Trafigura, was sentenced to 32 months in prison, with 20 months suspended. Paulo Gouveia Junior, a former senior official at Sonangol, was also convicted. Thierry Plojoux, a former Trafigura employee who acted as an intermediary, was found guilty of his role in the scheme.Trafigura’s Response Trafigura expressed disappointment with the verdict and stated they are reviewing the matter. The company emphasized the significant investments it has made in strengthening its compliance program in recent years, including mandatory training for all staff and stricter controls on third-party business relationships. This verdict carries significant weight, setting a precedent for the prosecution of corporate bribery in Switzerland. It serves as a strong signal that Swiss authorities are committed to combating corruption within the commodities trading industry, a sector that has faced increasing scrutiny in recent years.

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Ghana appoints Johnson Asiamah as central bank governor

Business /

Ghana’s President, John Dramani Mahama, has nominated Johnson Asiamah as the next Governor of the Bank of Ghana, pending approval from the Council of State. Asiamah, a seasoned banking professional, brings over 23 years of experience to the role. He previously served as the second deputy governor from 2016 to 2017. In a statement, the president’s office praised Asiamah’s expertise in monetary policy and exchange rate management, highlighting his contributions to maintaining financial stability and promoting economic growth. The announcement comes as the current governor, Ernest Addison, is set to retire at the end of March. Addison will take a leave of absence starting February 3. President Mahama, sworn in earlier this month, is focused on revitalizing Ghana’s economy. He has committed to addressing the country’s economic challenges, which include instability in key sectors like cocoa and gold. Despite these difficulties, Mahama’s government has yet to release its formal economic policy. This delay was one of the reasons cited by the central bank for its decision to keep its key lending rate unchanged in January. The Bank of Ghana has set an inflation target of 8%, with a margin of 2 percentage points. However, inflation has remained stubbornly high, reaching over 23% in December. The central bank’s latest forecast suggests that it will take longer than anticipated for inflation to return to its desired range of 6%-10%.

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