Former Trafigura executive Mike Wainwright convicted in bribery case

Published On Jan 31, 2025, 11:34 AM

Mike Wainwright, the former chief operating officer of Trafigura, was convicted of bribery by Switzerland's highest court. The court found that he and the company had engaged in a scheme to pay around $5 million to an official of Angola's state oil company to gain access to Angola's oil market. The ruling came with a 32-month prison sentence for Wainwright and a $148 million fine for Trafigura. The case signifies a tough stance against corruption in the commodities trading sector, particularly affecting firms based in Switzerland.