Trafigura and Ex-COO Convicted of Bribery by Swiss Court

(Bloomberg) — Trafigura and its former chief operating officer were convicted by a Swiss court on bribery charges, the first time a senior executive at a major commodity trading house has been found guilty of corruption.

Mike Wainwright, Trafigura’s ex-COO, was sentenced to 32 months in jail, of which 20 months are suspended, the Federal Criminal Court ruled on Friday in Bellinzona, Switzerland. 

Switzerland, a key hub for the commodities trading sector, has been under pressure to prove it can be tough on an industry that has long operated under a light regulatory touch. The ruling is a historic moment, with Trafigura the first company of its size in Swiss history to be convicted at trial for allowing the payment of bribes. 

The case is the latest to shine a light on wrongdoing in the commodity trading industry. The judgment comes after most of the industry’s largest players, including Glencore Plc, Vitol Group and Trafigura itself, have admitted to corruption in countries from Brazil to South Sudan.

Trafigura, which had been charged through its Dutch holding company Trafigura Beheer BV, was found guilty of not having sufficient systems in place to prevent bribery, and was ordered to pay a fine of 3 million Swiss francs ($3.3 million). The company was also ordered to pay $145.6 million in a compensation claim to the Swiss Confederation.

The verdict caps a tough period for Trafigura, one of the world’s largest traders of oil, gas and metals. In a tumultuous two years, the company has suffered major losses from alleged frauds, has pleaded guilty to separate corruption allegations in the US, and has settled charges of market manipulation.

The case revolved around allegations that Trafigura bribed an Angolan official with more than $5 million in payments and cash gifts in return for lucrative oil contracts that netted it some $151 million. The official, Paulo Gouveia Junior, who was also on trial for accepting the bribes, was found guilty.

A third person, Thierry Plojoux, a middleman and former Trafigura employee charged with conspiring with Wainwright to pay the bribes, was also convicted.

The court said on Friday that Wainwright’s use of a USB stick to share information with a middleman — who prosecutors said was dubbed “Mr. Non-Compliant” — could only be explained by a desire to hide information about the illicit payments at the heart of the bribery scheme. The court cited the fact Wainwright asked the man to bring the USB stick to Trafigura’s office as he wanted to wipe it “properly” as evidence of his intentions.

“Mr. Non-Compliant,” a former Trafigura employee, gave evidence to prosecutors in their investigation but wasn’t indicted in the case.

Trafigura lacked the necessary oversight of its business dealings and its use of middlemen became a “systemic” problem, the court said. There was no legitimate justification for the payments made to the Angolan official at the heart of the case, which is why “the plot was exposed,” the court added.

“We are disappointed by today’s decision in Switzerland concerning Trafigura Beheer BV and are reviewing the matter,” a spokesperson for the company said.

Trafigura has invested significant resources in strengthening its compliance program over a number of years, the spokesperson said. “This includes implementing mandatory training for all staff, continuously strengthening its compliance policies, procedures and controls, and taking the decision to prohibit the use of third parties for business origination with effect from 2019,” the person said.

The verdict is a preliminary decision that can be appealed first at the federal criminal appeals court and then, if necessary, up to the Swiss Supreme Court.

Daniel Kinzer, Wainwright’s lawyer, confirmed he will appeal the verdict. 

The defendants “are free and will remain free,” Kinzer said. “Mr Wainwright maintains that he has never made, or helped make payments with a corrupt intent.”

The court said that as the judgment hasn’t entered into force, the three men continue to benefit from the presumption of innocence. It’s a quirk of Swiss justice that an appeal becomes essentially a retrial of the facts, ensuring that Wainwright will not see the inside of a prison anytime soon.

(Updates with additional quote from lawyer in penultimate paragraph)

©2025 Bloomberg L.P.