Historic Conviction in Swiss Court Over Trafigura Bribery Case

Trafigura, along with ex-executive Mike Wainwright, has been convicted by Switzerland's top criminal court for corruption involving bribes to an Angolan official for oil deals. Wainwright received a 32-month sentence, and Trafigura faces a hefty fine. Both intend to appeal the landmark verdict.

In a landmark decision, Switzerland's top criminal court convicted the trading company Trafigura and its former Chief Operating Officer, Mike Wainwright, of corruption, marking the first case of its kind in the country.

The court ruled that Trafigura paid over $5 million in bribes to an Angolan official to secure oil contracts between 2009 and 2011. Prosecutors underscored this as a significant step in the fight against transnational corruption in the commodities sector.

Wainwright was sentenced to 32 months in prison, with 12 months to be served, while Trafigura was fined 3 million Swiss francs and ordered to pay $145.6 million in compensation. Both the company and Wainwright plan to appeal the verdict, which places the prison sentence on hold.

(With inputs from agencies.)