In Angola, Trafigura Corporation found guilty of corrupt practices by a Swiss court.
Rewritten Article:
Swiss Federal Criminal Court handed a landmark verdict against commodities giant Trafigura in April 2025, marking the first conviction of a trading company for foreign public official corruption in Switzerland's history[1][3]. The case sheds light on a web of bribery in Angola between 2009 and 2011, where Trafigura's intermediaries orchestrated illicit payments worth over €4 million in bank transfers and $600,000 in cold, hard cash, to reap business advantages[1].
Trafigura, a formidable player in the commodities trade, faced charges of organizational failures in monitoring its intermediaries that ultimately led to the corruption of Angolan officials[1]. The court sentenced Trafigura Holding to a fine of 3 million Swiss Francs (~€3.1 million) for its lack of internal controls[1].
The trailblazing verdict saw prison terms doled out to several key figures. Trafigura's former Chief Operational Officer, Michael Wainwright, was sentenced to 32 months, of which he was required to serve 12 months[1]. A third-party intermediary involved in the bribery was given a 36-month sentence, of which 14 months were served[1]. Additionally, a former agent of an Angolan state company was also given prison time[2].
Wainwright's lawyer, Daniel Kinzer, expressed dismay over the conviction, arguing that his client was convicted based on "very general assumptions" without taking into account elements that prove his innocence[2]. Wainwright maintains his stance that he did not authorize or facilitate any payment intended for corrupt purposes and intends to clear his name before the Court of Appeal[2].
The conviction serves as a strong signal against all forms of transnational corruption, marking the first time in Swiss history that a trading company has been found guilty of corruption in a public trial[2]. Anti-corruption advocacy group Public Eye applauded the verdict, viewing it as a warning to the entire commodities industry, suggesting that Swiss justice is growing increasingly proactive in tracing the chain of responsibility[2].
The disclosure of Trafigura's illegal activities from 2009 to 2011 follows several similar cases in the tracks of commodities traders. In 2024, Swiss authorities levied a fine against a Swiss firm for bribery in Congo, and the Singapore-based trader responsible for Angolan bribery was put on trial[4].
The Swiss government also clamped down on the banking sector, imposing fines for Operation Car Wash-linked transactions and Yemeni corruption ties[4]. On a global scale, there has been increased coordination between countries as they tackle bribery in sectors like aviation, defense, and others[4]. In March 2024, Trafigura, based in Singapore but with a significant presence in Geneva, agreed to plead guilty in the United States and pay $127 million over allegations of corruption in Brazil[3].
Trafigura, which was founded in 1993 and currently employees 13,000 individuals worldwide, made a net profit of almost $2.8 billion in its 2023/2024 fiscal year ending September 30[3]. Switzerland hosts around 900 commodities trading firms, primarily in Geneva and Lugano[3]. The landmark verdict signifies a shift towards corporate accountability for cross-border corruption[3][4].
- The billion-dollar finance conglomerate, Trafigura, was sentenced for a compliant failure that led to the sentencing of its former Chief Operational Officer, Michael Wainwright, for his involvement in foreign public official corruption, as per the April 2025 verdict by the Swiss Federal Criminal Court.
- Despite the sentence, Wainwright's lawyer, Daniel Kinzer, argues that his client was convicted based on "very general assumptions" and maintains Wainwright's stance that he did not authorize or facilitate any payment intended for corrupt purposes, aiming to clear his name before the Court of Appeal.
- The $127 million fine imposed on Trafigura in the United States over allegations of corruption in Brazil in March 2024, coupled with the landmark verdict against the commodities giant, signals a billion-dollar shift towards corporate accountability for cross-border corruption in the business world.
