Unprecedented Corruption Verdict: Trafigura Executive Jailed

Switzerland's highest court convicted trading house Trafigura and its former COO, Mike Wainwright, over a $5 million bribery scheme to secure Angolan oil contracts. Trafigura was fined $3.3 million, and Wainwright received a 32-month sentence, marking a historic ruling in Swiss judicial history.

In a landmark ruling, Switzerland's top criminal court has found Trafigura and its ex-Chief Operating Officer, Mike Wainwright, guilty of corruption charges. The case centers on a $5 million bribery scheme to secure lucrative oil contracts with Angola.

Trafigura has been ordered to pay a fine of 3 million Swiss francs ($3.3 million) and compensation amounting to $145.6 million. Wainwright received a 32-month prison sentence, although only 12 months are to be served initially. Both the company and Wainwright have the option to appeal the verdict.

Prosecutors presented evidence of bribes paid through intermediaries between 2009-2011. Despite rejecting the allegations, Wainwright attended court proceedings, while two unnamed defendants were also found guilty in absentia.

(With inputs from agencies.)