Historic Corruption Verdict: Trafigura Faces Justice in Swiss Court

A historic verdict in Switzerland has seen trading giant Trafigura and a former executive convicted of corruption, marking the first such case at the country's top criminal court. The charges involve bribery of an Angolan official for oil contracts, resulting in significant fines and a prison sentence.

Switzerland's highest criminal court has issued a landmark ruling, convicting the commodities trading house Trafigura and a former executive in a corruption case linked to oil contracts in Angola.

The decision marks the first time a company has faced charges of foreign official corruption at this level in Switzerland, sending ripples through the global trading industry.

Despite Trafigura defending its compliance practices, the court found substantial evidence of bribery, including more than $5 million paid to secure lucrative oil deals.

(With inputs from agencies.)