Switzerland’s highest court docket has convicted the commodities buying and selling big Trafigura and one in every of its senior executives of bribery over funds made by the agency to achieve entry to Angola’s profitable oil market.
In a landmark case, the court docket handed the corporate’s British former chief working officer Mike Wainwright, who has additionally competed as a racing driver, a 32-month jail sentence and fined the corporate $148m (£119m).
That is the primary time a whole firm has been charged by Switzerland’s highest court docket, and bribery convictions of senior workers are uncommon.
Trafigura’s attorneys stated the corporate and Wainwright meant to enchantment in opposition to the decision, so the previous govt was not jailed instantly.
The case in opposition to Trafigura has had all the weather of a monetary thriller: tens of millions of {dollars}, shady middlemen and a sequence of shell firms situated in offshore havens just like the Virgin Islands.
Trafigura’s technique, the court docket heard, was to arrange a fancy cost internet, by means of which an official with Angola’s state oil firm was paid virtually $5m (£4.02m; €4.81) between 2009 and 2011.
Paperwork introduced to the court docket by Swiss prosecutors confirmed funds authorised on Trafigura’s personal headed notepaper.
The technique appeared to work: over the following few years, the court docket heard, Angola signed contracts with Trafigura price virtually $144m (£115.93; €138.56).
Trafigura, whose attorneys appeared bullish earlier than the decision, denied bribery. The corporate stated its personal compliance and anti-corruption measures had been independently assessed and located to be wonderful.
However the sheer weight of the proof – which included dozens of paperwork, emails and memos – revealed a unique image: strict anti-corruption measures on paper however an intricate construction set as much as evade these measures in actuality. On the coronary heart of it sat a intermediary named “Mr Non-Compliant” in an nameless Geneva workplace.
The case will ship a chill by means of commodity brokers worldwide however particularly in Geneva, the place Trafigura and lots of different commodity buying and selling homes are headquartered.
In an eerie coincidence, the evening earlier than the decision was delivered, a hearth broke out on the 5 star Resort des Bergues – the place, court docket paperwork confirmed, an Angolan official stayed on the expense of Trafigura in 2008.
Swiss federal prosecutors hope the case can be an emblem that the previous methods of doing enterprise are lastly over.
They introduced the fees to Switzerland’s highest court docket, reserved for the worst crimes, similar to terrorist offences.
Trafigura now faces a big advantageous and Wainwright, who was in court docket for the decision and denied the fees, was instructed he should serve no less than one 12 months of his 32 month sentence in jail.
Nevertheless, he was not instantly detained, pending the enchantment he intends to lodge.
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, 2025-01-31 16:34:00
