A significant corruption trial has begun in Switzerland involving global commodity trading firm Trafigura and three other defendants, including a former board member. The allegations concern bribing an Angolan oil official to secure lucrative oil and shipping contracts between 2009 and 2011. This is the first time Switzerland’s top criminal court is addressing corporate liability for bribery.

Prosecutors claim that Trafigura failed to prevent the payment of over $5 million in bribes. Among the accused is Mike Wainwright, a former top executive of Trafigura, who denies the allegations. Evidence presented includes bank transfers and significant profits gained from the alleged scheme. If found guilty, individuals face up to five years in prison, and Trafigura could be fined up to 5 million Swiss francs.

This case highlights the importance of effective compliance programs within organizations, particularly in high-risk sectors such as commodity trading. Compliance professionals can draw key lessons from this case, including the need for robust internal controls, thorough due diligence when dealing with third parties, and regular monitoring of transactions to prevent and detect bribery risks.

Switzerland’s strict anti-corruption laws and the handling of this case demonstrate the country’s commitment to upholding ethical business practices. Organizations operating in Switzerland must ensure adherence to both domestic and international anti-corruption standards.

References:

– Reuters, “Swiss corruption case involving Trafigura and former executive opens”, (https://www.reuters.com/business/energy/swiss-corruption-case-involving-trafigura-former-executive-opens-2024-12-02/)