A landmark trial has commenced in Switzerland’s Federal Criminal Court, scrutinising the alleged involvement of Trafigura, one of the world’s largest commodity trading firms, in a bribery scandal tied to Angolan oil deals. This case marks the first instance in which Switzerland’s highest criminal court will evaluate a corporation’s accountability for bribery offences abroad.
The proceedings centre on allegations that Trafigura and three other defendants, including a former board member, orchestrated illicit payments to secure lucrative oil and shipping contracts between 2009 and 2011. Swiss prosecutors contend that the firm failed to implement sufficient safeguards to prevent the disbursement of over $5 million in bribes.
The indictment outlines that the funds, which included €4.3 million and $604,000 in cash, were channelled to an Angolan official via a Swiss bank account established during his 2009 visit to Geneva. The official’s stay at the Four Seasons Hotel was reportedly financed by Trafigura, and the bank account documentation bears the company’s letterhead alongside a signature allegedly resembling that of former executive Mike Wainwright.
Wainwright, 51, a former Chief Operating Officer and member of Trafigura’s management board, is among the individual defendants. At the time of the alleged offences, Wainwright also served on the company’s compliance committee and was a key liaison for auditors. His legal representative, Daniel Kinzer, has stated that Wainwright “entirely rejects the allegations” and is preparing a robust defence.
Swiss prosecutors assert that Trafigura derived significant financial benefits from the alleged scheme, citing profits of approximately $143.7 million from contracts obtained during the period in question. Trafigura’s former parent company, Trafigura Beheer BV (TBBV), has stated that its anti-bribery measures in place at the time were independently assessed and found to meet international compliance standards. The company also noted that it has since enhanced its compliance protocols.
The trial, which is set to continue until at least 20 December, could see the individual defendants facing prison sentences of up to five years. Trafigura itself could be subjected to a fine of up to 5 million Swiss francs, although the court has indicated the possibility of a higher compensation penalty.
The indictment also implicates Trafigura’s late founder, Claude Dauphin, who passed away in 2015. Prosecutors allege that Dauphin “must have been involved” in the decision to authorise payments to the Angolan official, citing evidence of a personal invitation extended to the official during his 2009 visit to Geneva. Dauphin’s family has criticised the accusations, asserting that they have been unfairly denied access to court documents.
This trial signifies a critical test of corporate accountability under Swiss law, with broader implications for compliance standards in the global commodities trading industry.
