Bellinzona, Switzerland, Jan 31 (Reuters) - Switzerland's highest criminal court found trading house Trafigura and a former senior executive guilty of corruption on Friday regarding payments to an Angolan official in exchange for oil contracts.
The court ruled that Trafigura must pay a 3 million Swiss francs ($3.3 million) fine, $145.6 million in compensation, and sentenced Trafigura's former Chief Operating Officer Mike Wainwright to 32 months in prison, with 12 being mandatory.
Judge Stephan Zenger referred to "organisational failures" in the case, stressing the need for greater monitoring of payments to intermediaries by a company of Trafigura's size. He emphasized that the noted shortcomings were significant.
Wainwright, who indirectly benefited from the bribery, plans to appeal the verdict, suspending the prison sentence pending the appeal's conclusion.
The historic case marked the first time a Swiss company faced charges for corrupting a foreign official at the highest court, highlighting global rarity in having a former top executive of a trading firm facing such allegations.
Swiss prosecutors stated, It is a strong signal that reflects the determination of (Swiss prosecutors) to combat all forms of transnational corruption, particularly in the commodities sector.
Prosecutors accused Trafigura of paying bribes exceeding $5 million through intermediaries to secure oil deals from 2009 to 2011.
Trafigura's lawyer Jean-Francois Ducrest conveyed the company's intention to assess the situation, recognizing it as merely the beginning of a lengthy legal process.
Wainwright, a retired 51-year-old British racing driver, refuted the accusations, asserting that the court reached a groundless verdict based on assumptions and disregarded key evidence in his favor.
Two other defendants, including the Angolan official, were also convicted and handed sentencing. Their names were withheld due to Swiss privacy regulations. They denied the charges and were absent during the verdict.
Evidentiary documents, memos, emails, and messages were presented in court during the trial in Bellinzona, shedding light on the complex network and practices involved in the case.
Note: Conversion rate as of writing: $1 = 0.9093 Swiss francs