Trader Trafigura Targeted by US and Swiss Over Corruption
- Editor
- Dec 6, 2023
- 1 min read
Summary: Swiss prosecutors have formally charged Trafigura and former COO Mike Wainwright for bribery related to shipping contracts in Angola between 2009 and 2011. Trafigura is accused of paying over $4.9 million—including cash, hotel expenses, and Geneva bank transfers—to an Angolan oil executive in exchange for favorable treatment in securing contracts. The Swiss case marks one of the most serious legal threats Trafigura has faced, and the first of its kind sent to Switzerland’s top criminal court for bribery. Trafigura is also under investigation by the US DOJ over related payments in Brazil, and has provisioned $127 million for a potential settlement. While Trafigura expressed regret, it pledged to fight the Swiss charges in court, asserting the incidents do not reflect the company’s current standards. Wainwright, facing up to five years in prison, has stepped down to focus on his defense.
Source: Bloomberg
