Latest news with #MikeWainwright
Yahoo
31-01-2025
- Business
- Yahoo
Ex-Trafigura boss convicted of bribery in landmark case
Switzerland's highest court has convicted the commodities trading giant Trafigura and one of its senior executives of bribery over payments made by the firm to gain access to Angola's lucrative oil market. In a landmark case, the court handed the company's British former chief operating officer Mike Wainwright - who has also competed as a racing driver - a 32-month jail sentence and fined the company $148m (£119m). This is the first time an entire company has been charged by Switzerland's highest court, and bribery convictions of senior staff are rare. Trafigura's lawyers said the company and Wainwright intend to appeal against the verdict. The case against Trafigura has had all the elements of a financial thriller: millions of dollars, shady middlemen and a chain of shell companies located in offshore havens like the Virgin Islands. Trafigura's strategy, the court heard, was to set up a complex payment web, through which an official with Angola's state oil company was paid almost $5m (£4.02m; €4.81) between 2009 and 2011. Documents presented to the court by Swiss prosecutors showed payments authorised on Trafigura's own headed notepaper. The strategy appeared to work: over the next few years, the court heard, Angola signed contracts with Trafigura worth almost $144m (£115.93; €138.56). Trafigura, whose lawyers appeared bullish before the verdict, denied bribery. The company said its own compliance and anti-corruption measures had been independently assessed and found to be excellent. But the sheer weight of the evidence - which included dozens of documents, emails and memos - revealed a different picture: strict anti-corruption measures on paper but an intricate structure set up to evade those measures in reality. At the heart of it sat a middleman named "Mr Non-Compliant" in an anonymous Geneva office. The case will send a chill through commodity brokers worldwide but especially in Geneva, where Trafigura and many other commodity trading houses are headquartered. In an eerie coincidence, the night before the verdict was delivered, a fire broke out at the five star Hotel des Bergues - where, court documents showed, an Angolan official stayed at the expense of Trafigura in 2008. Swiss federal prosecutors hope the case will be a symbol that the old ways of doing business are finally over. They brought the charges to Switzerland's highest court, reserved for the worst crimes, such as terrorist offences. Trafigura now faces a large fine and Wainwright, who was in court for the verdict and denied the charges, was told he must serve at least one year of his 32 month sentence in jail. However, he was not immediately detained, pending an appeal.
Yahoo
31-01-2025
- Business
- Yahoo
Ex-Trafigura boss jailed for bribery in landmark case
Switzerland's highest court has convicted the commodities trading giant Trafigura and one of its senior executives of bribery over payments made by the firm to gain access to Angola's lucrative oil market. In a landmark case, the court handed the company's British former chief operating officer Mike Wainwright - who has also competed as a racing driver - a 32-month jail sentence and fined the company $148m (£119m). This is the first time an entire company has been charged by Switzerland's highest court, and bribery convictions of senior staff are rare. Trafigura's lawyers said they intend to appeal against the verdict. The case against Trafigura has had all the elements of a financial thriller: millions of dollars, shady middlemen and a chain of shell companies located in offshore havens like the Virgin Islands. Trafigura's strategy, the court heard, was to set up a complex payment web, through which an official with Angola's state oil company was paid almost $5m (£4.02m; €4.81) between 2009 and 2011. Documents presented to the court by Swiss prosecutors showed payments authorised on Trafigura's own headed notepaper. The strategy appeared to work: over the next few years, the court heard, Angola signed contracts with Trafigura worth almost $144m (£115.93; €138.56). Trafigura, whose lawyers appeared bullish before the verdict, denied bribery. The company said its own compliance and anti-corruption measures had been independently assessed and found to be excellent. But the sheer weight of the evidence - which included dozens of documents, emails and memos - revealed a different picture: strict anti-corruption measures on paper but an intricate structure set up to evade those measures in reality. At the heart of it sat a middleman named "Mr Non-Compliant" in an anonymous Geneva office. The case will send a chill through commodity brokers worldwide but especially in Geneva, where Trafigura and many other commodity trading houses are headquartered. In an eerie coincidence, the night before the verdict was delivered, a fire broke out at the five star Hotel des Bergues - where, court documents showed, an Angolan official stayed at the expense of Trafigura in 2008. Swiss federal prosecutors hope the case will be a symbol that the old ways of doing business are finally over. They brought the charges to Switzerland's highest court, reserved for the worst crimes, such as terrorist offences. Trafigura now faces a large fine and Wainwright, who was in court for the verdict and denied the charges, was told he must serve at least one year of his 32 month sentence in jail.
BBC News
31-01-2025
- Business
- BBC News
Former Trafigura executive Mike Wainwright jailed in bribery case
Switzerland's highest court has convicted the commodities trading giant Trafigura and one of its senior executives of bribery over payments made by the firm to gain access to Angola's lucrative oil a landmark case, the court handed the company's British former chief operating officer Mike Wainwright - who has also competed as a racing driver - a 32-month jail sentence and fined the company $148m (£119m). This is the first time an entire company has been charged by Switzerland's highest court, and bribery convictions of senior staff are lawyers said they intend to appeal against the verdict. The case against Trafigura has had all the elements of a financial thriller: millions of dollars, shady middlemen and a chain of shell companies located in offshore havens like the Virgin Islands. Trafigura's strategy, the court heard, was to set up a complex payment web, through which an official with Angola's state oil company was paid almost $5m (£4.02m; €4.81) between 2009 and presented to the court by Swiss prosecutors showed payments authorised on Trafigura's own headed notepaper. The strategy appeared to work: over the next few years, the court heard, Angola signed contracts with Trafigura worth almost $144m (£115.93; €138.56).Trafigura, whose lawyers appeared bullish before the verdict, denied bribery. The company said its own compliance and anti-corruption measures had been independently assessed and found to be excellent. But the sheer weight of the evidence - which included dozens of documents, emails and memos - revealed a different picture: strict anti-corruption measures on paper but an intricate structure set up to evade those measures in reality. At the heart of it sat a middleman named "Mr Non-Compliant" in an anonymous Geneva case will send a chill through commodity brokers worldwide but especially in Geneva, where Trafigura and many other commodity trading houses are headquartered. In an eerie coincidence, the night before the verdict was delivered, a fire broke out at the five star Hotel des Bergues - where, court documents showed, an Angolan official stayed at the expense of Trafigura in federal prosecutors hope the case will be a symbol that the old ways of doing business are finally brought the charges to Switzerland's highest court, reserved for the worst crimes, such as terrorist now faces a large fine and Wainwright, who was in court for the verdict and denied the charges, was told he must serve at least one year of his 32 month sentence in jail.
Yahoo
31-01-2025
- Business
- Yahoo
Trafigura and former executive found guilty of bribing Angolan official
By Emma Farge BELLINZONA, Switzerland (Reuters) -Switzerland's top criminal court found trading house Trafigura and a former senior executive guilty of corruption on Friday in an unprecedented case over payments made to an Angolan official in exchange for oil contracts. It ordered Trafigura to pay a fine of 3 million Swiss francs ($3.3 million) and $145.6 million in compensation, and sentenced Trafigura's former Chief Operating Officer Mike Wainwright to 32 months in prison, of which 12 must be served. The verdict can be appealed to the same court. The case was the first time in Switzerland that a company has been charged at its highest court with corrupting a foreign official, and a very rare instance globally of a former top executive of a trading firm landing in the dock. Prosecutors alleged that Trafigura and others paid bribes of more than $5 million via a network of intermediaries to the Angolan official to win oil deals from 2009-2011. Trafigura has previously said the anti-bribery and anti-corruption controls and the compliance programme in place at the time at its parent company met legal requirements and good practice standards. Wainwright, who has also had a successful career as a racing driver, has rejected all the allegations against him. The 51-year-old sat in court with his arms crossed as the verdict was read out. Two other defendants, whom Reuters did not name due to restrictions under Swiss privacy rules, were also found guilty. They had denied the charges as well. They were not present. During the trial in the southern city of Bellinzona, the court was shown dozens of pages of documents, memos, emails and messages as supporting evidence. Some involved an ex-Trafigura employee whom the indictment says was nicknamed "Mr. Non-Compliant" by late Trafigura founder Claude Dauphin because he did things forbidden at the group. If the sentence is appealed, it will place on hold any prison sentence pending the outcome. ($1 = 0.9093 Swiss francs)
Reuters
31-01-2025
- Business
- Reuters
Swiss court finds Trafigura, former executive guilty of corruption
BELLINZONA, Switzerland, Jan 31 (Reuters) - Switzerland's top criminal court on Friday found Trafigura and a former executive guilty of corruption in a case involving payments made to an Angolan official in exchange for oil contracts. It ordered the trading house to pay over $148 million in fines and compensation and sentenced its former staff member Mike Wainwright to 32 months in prison of which 12 must be served. The outcome can be appealed to the same court. The case is the first time in Switzerland that a company has been charged at its highest court with corrupting a foreign official and a very rare instance globally of a former top executive of a trading firm landing in the dock. Prosecutors alleged that Trafigura and others paid bribes of more than $5 million via a network of intermediaries to the Angolan official to win oil deals from 2009-2011. Trafigura has previously said the anti-bribery and anti-corruption controls and the compliance programme in place at the time at its parent company met legal requirements and good practice standards. Wainwright has previously rejected all the allegations against him.
