Landmark Ruling in Switzerland: Trafigura Convicted of Corruption
In a historic verdict, Switzerland’s highest criminal court has found trading house Trafigura and a former top executive guilty of corruption, marking a significant milestone in the fight against transnational corruption.
A Strong Signal Against Corruption
The court’s decision sends a powerful message that Switzerland is committed to combating corruption, particularly in the commodities sector. Trafigura was ordered to pay a fine of 3 million Swiss francs ($3.3 million) and $145.6 million in compensation, while its former Chief Operating Officer, Mike Wainwright, was sentenced to 32 months in prison, with 12 months to be served.
Bribery Allegations
Prosecutors alleged that Trafigura and others paid bribes of over $5 million to an Angolan official via a network of intermediaries to secure oil deals between 2009 and 2011. Despite Trafigura’s claims that its anti-bribery and anti-corruption controls met legal requirements and good practice standards, the court found the company guilty of corruption.
A Rare Instance of Accountability
This case is a rare example of a former top executive of a trading firm being held accountable for corruption. Wainwright, a 51-year-old Briton, has denied all allegations against him and plans to appeal the verdict, which will place the prison sentence on hold pending the outcome.
Evidence Presented in Court
During the trial, the court was presented with dozens of pages of documents, memos, emails, and messages as supporting evidence. Some of these documents involved an ex-Trafigura employee who was nicknamed “Mr. Non-Compliant” by the company’s late founder, Claude Dauphin, due to his questionable practices.
A Long Judicial Process Ahead
Trafigura’s lawyer, Jean-Francois Ducrest, stated that the company would take stock of the situation, acknowledging that this verdict is just the first step in a long judicial process. Two other defendants, who were not present in court, were also found guilty of corruption.
A Commitment to Combating Corruption
The Office of the Attorney General of Switzerland hailed the verdict as a strong signal of the country’s determination to combat all forms of transnational corruption. This landmark ruling sets a precedent for future cases, demonstrating Switzerland’s commitment to holding companies and individuals accountable for corrupt practices.
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