Trafigura and Former Executive Convicted of Corruption in Angola

Switzerland's highest criminal court found Trafigura and former executive Mike Wainwright guilty of corruption related to payments for Angolan oil contracts. The court imposed over $148 million in fines on the company and sentenced Wainwright to 32 months, with 12 months mandatory imprisonment. An appeal is possible.

In a significant judicial ruling, Switzerland's top criminal court has found Trafigura and its former executive guilty of corruption. This conviction stems from illicit payments made to an Angolan official to secure oil contracts.

The court has mandated Trafigura to pay in excess of $148 million in penalties and compensation. Additionally, Mike Wainwright, a former staff of the trading firm, has been sentenced to 32 months of imprisonment, though only 12 months are required to be served upfront.

This ruling is eligible for an appeal to the same judicial body, indicating that the legal battle may continue. The case highlights the ongoing global effort to hold corporations accountable for corrupt practices.

(With inputs from agencies.)