Commodities giant Trafigura fined in Swiss bribery case

For the first time in Switzerland’s history, a multinational company has been convicted in a bribery case. On Friday, the country’s top criminal court found commodities giant Trafigura guilty of involvement in a corruption scheme tied to Angola’s oil industry.

The federal court, located in Bellinzona, imposed a fine of 3 million Swiss francs (approximately $3.3 million) on Trafigura. This decision came after the company made nearly $5 million in illicit payments to a foreign public official, according to prosecutors.

Despite the gravity of the charges, the court opted not to impose the maximum fine of $5 million. The judges acknowledged that Trafigura had compliance measures in place at the time of the offenses, which took place over a decade ago.

In addition to the fine, the court mandated that Trafigura set aside $145 million for potential compensation claims. Prosecutors argued that the company reaped nearly $144 million in profits from contracts linked to the bribery scheme.

Trafigura, headquartered in Singapore, expressed disappointment in the verdict and stated it was reviewing the ruling. The company did not confirm whether it would file an appeal.

The case also led to the conviction of three individuals, including a former Trafigura employee, an ex-official with Angolan state oil firm Sonangol, and an intermediary who facilitated the scheme. The most severe sentence imposed was 14 months in prison.

The verdict remains subject to appeal, and the defendants are presumed innocent until all legal avenues are exhausted. Trafigura emphasized its commitment to improving compliance, having invested significantly in staff training and better control systems in recent years.

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