Landmark Bribery Trial of Trafigura Unfolds in Swiss Court

Trafigura and three others face trial in Switzerland over alleged bribery related to Angolan oil contracts. This marks the first instance of Switzerland's top criminal court ruling on corporate liability for bribing a foreign official. The trial involves former top executive Mike Wainwright, who denies the charges.

In a landmark case, Switzerland's top criminal court is set to deliberate on the alleged bribery actions by Trafigura, one of the leading trading firms, along with three other defendants. The trial represents the first occasion where Swiss authorities are examining a company’s liability for bribing a foreign official.

The case revolves around accusations that Trafigura facilitated $5 million in bribes to secure oil and shipping contracts in Angola between 2009 and 2011. The prosecution alleges that former Trafigura executive Mike Wainwright, among others, were complicit in these illicit transactions. Wainwright strongly denies these allegations, intending to present a robust defense.

Documents presented in court suggest large sums were transferred to an Angolan official's benefit, with profits from these dealings reaching $143.7 million for Trafigura. If found guilty, the defendants could face a maximum of five years in prison, with Trafigura potentially incurring a fine up to 5 million Swiss francs. The trial is expected to conclude by December 20, with extension into January possible.

(With inputs from agencies.)