Swiss prosecutors are pushing for a four-year prison sentence for the former chief operating officer of Trafigura, along with a request for the company to pay $156 million in fines and compensation. This request comes after allegations of a significant corruption scheme involving a public official in Angola.
The trial, which has been ongoing in Switzerland for a week, focuses on Trafigura’s operations in Angola from 2009 to 2011. Prosecutors claim that the company paid over €5 million in bribes to an Angolan government official to secure oil bunkering and shipping contracts.
This case marks a historic moment, as it is the first instance of a big commodity trading corporation facing charges of this nature in Switzerland. It also represents the first global case against a senior executive within such a company.
In his closing arguments, prosecutor Grégoire Mégevand described Michael Wainwright as the “linchpin” of the alleged conspiracy, stating that he employed tactics akin to a seasoned criminal to conceal his actions. It’s claimed that Wainwright, who served as COO for nearly 16 years, manipulated various intermediaries to disguise the bribery and protect Trafigura’s interests.
The prosecutor detailed how Wainwright received USB drives containing payment information, ensuring that all data was deleted afterwards. One of the intermediaries involved, referred to as “H,” was a former Trafigura employee notorious for non-compliance and was believed to have helped facilitate the illicit payments.
Wainwright and Trafigura’s legal team argue that the prosecution’s case relies on unreliable witness testimonies and point out that key individuals possibly responsible for running the scheme were not called to testify. These individuals include H and Mariano Ferraz, a former board member who was previously convicted in Brazil for corruption.
Trafigura asserts that it maintained strong compliance protocols at the time and therefore could not be deemed guilty of negligence in preventing corruption. The former CFO and a deputy compliance officer recently testified to the company’s commitment to ethical practices.
If found guilty of the charges, Trafigura could face a maximum fine of SFr5 million (approximately $5.7 million). Prosecutors are also seeking to seize $151 million of profits, arguing that a potential fine would be insignificant for the company.
The trial also involves Paulo Gouveia Junior, the Angolan official allegedly receiving bribes, and Thierry Plojoux, one of the intermediaries involved in the case. Closing defense arguments from all parties are expected to be presented on Tuesday.