Swiss criminal court convicts commodities firm Trafigura in Angola bribery case
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This article was published 31/01/2025 (425 days ago), so information in it may no longer be current.
GENEVA (AP) — Switzerland’s top criminal court on Friday convicted a multinational company for the first time, ruling against commodities trader Trafigura in a case of bribery linked to lucrative oil industry contracts in Angola.
The federal court in the southern city of Bellinzona gave Trafigura a fine of 3 million Swiss francs (about $3.3 million) over payments totaling nearly $5 million to a foreign public official. The court didn’t impose the maximum $5 million penalty, ruling that the firm did have compliance measures in place at the time — over a decade ago.
The court also ordered Trafigura to set aside $145 million for possible compensation claims. Prosecutors had argued that the firm reaped profits of nearly $144 million thanks to contracts that emerged from the scheme.
A spokesperson for Trafigura said it was “disappointed” with the verdict and was “reviewing the matter,” without indicating whether the firm planned to appeal.
With headquarters in Singapore, Trafigura is one of the world’s most prominent commodities trading firms. It operates in sectors like oil and petroleum, metals and mining, and gas and power, with more than 12,000 employees.
The court also convicted three people — a former high-level Trafigura employee, a former official with Angolan state oil company Sonangol, and an ex-Trafigura employee who had acted as an intermediary — for their roles in the scheme. The heaviest sentence included 14 months behind bars.
The verdict is not final and the defendants can appeal. They are entitled to a presumption of innocence up until a final decision is made.
In the trial that opened in December, prosecutors alleged Trafigura’s former parent company did not have “reasonable and necessary” measures in place at the time to prevent unlawful payments to the former employee of Sonangol.
The Trafigura spokesperson said the firm has invested “significant resources” in strengthening its compliance program over time, including mandatory training for all staff, improving controls, and deciding to prohibit use of third parties for business origination.