High-Stakes Corruption Trial: Trafigura Faces $156 Million Penalty

Swiss prosecutors seek $156 million in penalties from Trafigura and a four-year sentence for ex-COO Mike Wainwright. The trial addresses alleged bribery of an Angolan official for oil deals. Trafigura defends its compliance controls, while Wainwright denies all allegations. Closing arguments are expected this week.

In a landmark corruption trial, Swiss prosecutors are pursuing over $156 million in penalties against Trafigura and a four-year prison sentence for former Chief Operating Officer Mike Wainwright. This case marks the first instance of Switzerland's top criminal court addressing a company's liability for allegedly bribing a foreign official.

The prosecution alleges that Trafigura, along with other defendants, facilitated bribes totaling over $5 million to an Angolan official in exchange for oil deals between 2009 and 2011. Current hearings have seen judges scrutinize company documents and communications, with the prosecution demanding a maximum 5 million francs penalty for bribery, plus a $151 million compensation reflecting Trafigura's purported illicit gains.

Trafigura maintains its innocence, standing by its compliance measures at the time. Wainwright's defense expects the case to be dismissed, as closing arguments commence this week. Other defendants face potential sentences, and verdicts are anticipated next year with provisions for appeal.

(With inputs from agencies.)