Swiss Courtroom Drama: Trafigura Faces Hefty Fines in Corruption Trial

Swiss prosecutors are demanding over $156 million in penalties from Trafigura and a four-year jail sentence for ex-COO Mike Wainwright in a corruption trial. They seek the highest fine for bribery under Swiss law and significant compensation. Trafigura maintains its compliance measures were adequate.

Swiss prosecutors have launched a significant legal challenge against Trafigura, seeking more than $156 million in penalties and a four-year prison sentence for the company's former Chief Operating Officer, Mike Wainwright. This unfolds as part of a high-profile corruption trial in Switzerland.

The authorities are demanding the maximum penalty allowable under Swiss law for bribery, which amounts to 5 million CHF, or approximately $5.69 million, alongside a hefty compensation fee of $151 million, according to a spokesperson for the Attorney General's Office.

In their defense, Trafigura argues that their anti-bribery and anti-corruption programs complied with legal standards and good practices. Wainwright firmly denies the accusations, with his legal team expressing confidence in securing a case dismissal.

(With inputs from agencies.)