Trafigura’s former chief operating officer sentenced to 32 months in jail

Open the Editor’s Marking Free

Rulla Khalaf, the FT editor, chooses its preferred stories in this week’s news.

The former Executive Director of Trafigoura has been sentenced to 32 months in prison for bribing a foreign official, saying the best seller’s best trademaker has been found guilty of corruption.

Mike Wayright, who served as Chief Executive Officer since 2008, was sentenced to the Swiss court to pay more than 5 million euros on Friday in 2009 and 2011 to ensure oil trade contracts in Angola. Some of the 32-month sentence was suspended that Wainwright ordered to serve at least 12.

Theater It was found guilty to prevent bribes so that bribes and requirements paid more than $ 148 million fine and compensation. This is the first time that the company has been convicted of charges of corruption in Switzerland during the trial.

The trial will be prosecuted as an anti-corruption preacher as a remarkable moment, which has long called the Swiss courts to consider the activities of many commodity traders in the country. Trafigura is registered in Singapore, but its chief executive and most of his senior leadership sit in Geneva.

The decision notes further termination for the Trafigura, which is trying to move forward on the claims about corrupt transactions. Last year, it was found guilty of paying almost $ 20 million in Brazil “corrupt commissions.”

The company says it is “disappointed” by the Swiss decision. “Trefigura has invested significant resources in strengthening its compliance program over a number of years,” said it. “This includes the implementation of all staff training, continuously strengthening its corresponding policy, procedures and controls.”

During the trial, the prosecutors described the Ukrainian visitor as a “scheme Lynchin” and accused the British executive to have “experienced methods worthy of a criminal.”

Payments were made by Angola Government official through three parties oil Prosecutors are supposed to make a bunker and delivery contracts, which cost more than $ 140 million. Angola official and the third person, the mediator were convicted.

Trafigura was founded in 1993, when the French trading company Claude Deufin and four other leaders left Mark’s rich, the godfather of the trade industry, which was wanted to avoid taxes and violations of Iranian sanctions.

Angola was important to grow by Trefigura, under Davhin, who died in 2015. For years, Traffifura has dominated the supply of oil products in the country, creating a profit of bumper, which supported the company’s transformation giant.

Wainwright joined Trafigura in 1996 and was one of the highest populations of the company for almost two decades.

The Wainwright lawyer said that his client will appeal the verdict. “The court found Mr. Wayvite guilty of the common assumptions and ignore the main evidence that shows that he was not involved in a corruption scheme,” he said. “Mr. Wayvite claims that he has never done or helped make payments with corrupt intent.”

According to Switzerland’s law, convicts continue to use the presumption of innocence until any appeal process is over. Wainwright will only be required to imprison imprisonment if his planned appeal cannot fail the verdict.

Traffigura did not say that it would appeal the decision, announcing only that “reviewing the issue.”