Highlighting corruption and toxic culture at Trafigura

Recent revelations from Swiss prosecutors have unveiled a deeply entrenched culture of corruption within Trafigura Group. Between 2011 and 2019, senior executives like former COO Mike Wainwright and late CEO Claude Dauphin allegedly compromised the company's anti-corruption controls to prioritize profits over integrity.

Mike Wainwright - exCOO Trafigura. © creative commons

Key Findings

Senior executives dominated the compliance committee, fostering a culture where suspicious business leads were overlooked.

The ongoing landmark bribery trial in Switzerland has exposed how Trafigura used intermediaries to secure lucrative oil contracts through bribes, including a $5 million payment to an Angolan official.

The systemic nature of bribery within Trafigura was highlighted by the involvement of Dauphin and Wainwright in authorizing intermediaries for the oil division, essentially "𝘸𝘰𝘭𝘷𝘦𝘴 𝘨𝘶𝘢𝘳𝘥𝘪𝘯𝘨 𝘵𝘩𝘦 𝘴𝘩𝘦𝘦𝘱 𝘣𝘢𝘳𝘯."

This case underscores the urgent need for robust compliance programs and genuine corporate accountability. It's a stark reminder that leadership plays a pivotal role in shaping company culture. Trafigura's example serves as a cautionary tale for all businesses striving for ethical operations.

Go to original Bloomberg article

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