Nyrstar owner Trafigura convicted of corruption
- Kris Vansanten
- Jan 31
- 2 min read
Updated: Apr 22
It is hereby (once again) confirmed: Trafigura, the international commodities trader that hijacked the assets of Belgium's industrial crown jewel and listed Nyrstar after a highly contested and orchestrated restructuring, is a criminal organisation.
A new conviction of Trafigura was just made public. The verdict is unmistakable: 'bribery'. Not only Trafigura itself, but also the company's former COO, Mike Wainwright, were convicted by a Swiss court. More to the point, the man faces an effective prison sentence. The court's verdict can therefore be called historic without further ado. It is the very first time a senior executive of a commodity trader of such magnitude has been convicted of corruption. And it is unlikely to be the last time either. At least, not if it depends on us.
The new conviction proves the thesis we have been putting forward since the contested restructuring of Nyrstar, namely that Trafigura's top management is not averse to illicit practices and does not even shy away from bribery and corruption. The heavy sentencing imposed in Switzerland strengthens our confidence that Trafigura will similarly face a conviction in Belgium. It also proves that Nyrstar's minority shareholders are not looking for nails in low water. Perseverance wins, that is the motto.
Trafigura now has to cough up (only) €145.6 million as a result of the conviction in Switzerland. For a company that still had a turnover of $250 billion in 2023, that amount is all in all relative. But the conviction may finally wake up the Trafigura top brass. If anything, the symbolic value and precedent set by the Swiss court is even more important. Also for the case in Belgium. Because while the allegation may be different, the amount at stake here is of a very different order. The damages resulting from the alleged fraudulent takeover of Nyrstar are conservatively estimated at €2 billion for now.
The question now is mainly, what will still surface at Nyrstar, because it is clear that the bottom line in this unsavoury dossier has not yet been exposed. We would not be surprised if the actual damage suffered by minority shareholders as a result of the Nyrstar debacle is a lot higher. To be continued.
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