Ex-Trafigura Executive Sentenced in Groundbreaking Bribery Case

In a significant ruling, Switzerland's Supreme Court has handed down a conviction against Trafigura, a prominent commodities trading company, and its former chief operating officer, Mike Wainwright. The court sentenced Wainwright to 32 months in prison and imposed a hefty $148 million fine on Trafigura for engaging in bribery to secure lucrative oil contracts in Angola.

Wainwright's conviction comes amid revelations of an elaborate bribery scheme involving approximately $5 million paid to an Angolan state oil official from 2009 to 2011. The court's decision marks the first time a corporation has faced charges from Switzerland's highest judicial authority, underscoring the rarity of such high-profile bribery convictions. Despite the ruling, both Wainwright and Trafigura plan to appeal, delaying immediate incarceration for the executive.

Prosecutors detailed a sophisticated network of payments tracing through various offshore entities, illustrating a stark contrast to the company's publicly asserted anti-corruption measures. Evidence cited by Swiss authorities reflected a systematic effort to circumvent these regulations, anchored by dubious middlemen.

This case has sent ripples through the broader commodity trading sector, especially in Geneva, where Trafigura operates. The precedent set in this landmark ruling aims to signal a shift towards greater corporate accountability in the industry. Each step of the case was all the more poignant given the coincidental fire at a luxury hotel, linked to previous dealings involving Trafigura, occurring just before the verdict was announced.