Swiss Court Finds Trafigura Guilty of Corruption in Landmark Oil Deal Case

Switzerland's top criminal court has convicted Trafigura and former executive Mike Wainwright of corruption through bribes for Angolan oil contracts. The firm must pay $148 million in fines, with Wainwright sentenced to 32 months in prison. This is a significant case against corporate corruption in Switzerland.

In a landmark ruling, Switzerland's highest criminal court has found the trading giant Trafigura and its former executive, Mike Wainwright, guilty of corruption in securing Angolan oil contracts.

The court ordered Trafigura to pay over $148 million in fines and compensation, while Wainwright received a 32-month prison sentence, 12 months of which must be served. The judgment marks the first instance of a company being accused of corrupting a foreign official at Switzerland's highest court and showcases the judiciary's stance against corporate corruption.

Prosecutors argued that bribes exceeding $5 million were funneled through intermediaries from 2009 to 2011. Although Trafigura had asserted its compliance measures were sound, the court's decision underscores the need for rigorous anti-bribery protocols.

(With inputs from agencies.)