Unlock free Digest editor
Roula Khalaf, editor of FT, chooses her favorite story in this weekly newsletter.
The former main operating director of Trafigura was sentenced to 32 months in prison after being found guilty of corruption in the first such criminal persecution of the best executive director for commodity trade.
Mike Wainwright, who was Chief Operational Director from 2008 to last year, convicted the Swiss court on Friday for paying more than 5 million euros in Mito to ensure oil trading contracts in Angola between 2009 and 2011. Part of 32 months of punishment for 32 months is suspended and Wainwright has been ordered to serve at least 12.
Traffigu He was found guilty of not preventing corruption and was ordered to pay more than $ 148 million fines and fees, Reuters states. It is the first time a company has been convicted of bribery in Switzerland, which has long been the goods center.
The condemnation will be announced as a significant moment against corruption campaigns, which have long invited Western courts to review the activities of goods traders in border markets. This is also a further failure for Trafigur, who was trying to move beyond the allegations of the past corrupt treatment.
During the trial, the prosecutors described Wainwright as “Linchpin Scheme” and accused the British executive director of “using the methods of worthy of experienced criminals” to cover up their activities.
Payments were made through the third party to the governor of the Government Angolan in exchange for petroleum bunkerage contracts and shipping more than $ 143.7 million in profit, prosecutors argued.
Trafigure said earlier that systems against Brić and compliance at that time at that time met all legal requirements. Wainwright has previously rejected the charges against him.
Traffic and Wainwright were not immediately available for comment.
This is a development story
