
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.