In a landmark anti-corruption ruling, Switzerland has sentenced Mike Wainwright, former Chief Operating Officer (COO) of Trafigura, to 32 months in prison. Wainwright was found guilty of orchestrating a bribery scheme that involved paying more than €5mn to secure lucrative oil trading contracts in Angola between 2009 and 2011. The sentence requires him to serve at least 12 months, with part of it suspended.
This case marks the first time a senior executive from a global commodity trading giant has been convicted of corruption by Swiss courts. It also exposes the deepening scrutiny of commodity trading practices tied to Angola, a country often cited in investigations of oil sector corruption.
Trafigura, a Singapore-registered firm with key operations managed from Geneva, was fined over $148mn for failing to implement adequate compliance measures to prevent the bribery. Swiss prosecutors described Wainwright as “the linchpin of the scheme,” alleging he disguised payments made through intermediaries to Angolan officials in exchange for shipping and oil bunkerage contracts valued at $140mn in profits. The Angolan official and a middleman involved were also convicted.
Angola, which is heavily dependent on oil exports, has become notorious for corruption linked to its natural resources. Investigations over the past decade have implicated both local officials and international corporations in multi-million-dollar schemes to siphon off oil wealth. Stories on Arbiterz have chronicled corruption in Angola’s oil sector, including cases involving Sonangol, the state oil company, and allegations of impropriety linked to former officials and foreign partners.
Angola was pivotal to Trafigura’s rise under its late founder Claude Dauphin. The company maintained dominance in Angola’s petroleum product supply chain for years, generating substantial profits that helped it evolve from a mid-sized trader to a global powerhouse. However, this success came with a reputational price. Last year, Trafigura admitted to paying $20mn in “corrupt commissions” in Brazil, as part of a settlement with U.S. authorities.
Despite the company’s claims of enhanced compliance measures, the recent Swiss conviction demonstrates lingering vulnerabilities. Trafigura, in a statement, expressed disappointment in the ruling, emphasizing its ongoing investments in training and compliance programs. “This includes implementing mandatory training for all staff, continuously strengthening its compliance policies, procedures, and controls,” the company stated.
Wainwright’s legal team has announced plans to appeal the verdict, asserting that the court ignored key evidence absolving him of involvement. “The court found Mr. Wainwright guilty based on general assumptions and disregarded evidence that shows he was not involved in any bribery scheme,” his lawyer said. Under Swiss law, Wainwright will not serve the full sentence unless his appeal is unsuccessful.
The conviction reinforces calls for tighter regulatory oversight of commodity traders based in Switzerland. Anti-corruption campaigners have long criticized the country’s leniency towards opaque practices in commodity trading, despite the vast wealth generated by these firms. This case, they argue, is a critical step towards greater accountability.
As Angola continues its fight to reform its oil sector under President João Lourenço, the Trafigura scandal serves as a reminder of the country’s long struggle to control corruption. International commodity firms like Trafigura, seeking high profits in emerging markets, must now contend with greater global scrutiny and regulatory enforcement.
This story adds another chapter to the ongoing narrative of Angola’s oil sector woes, where large-scale corruption has deprived the nation of vital revenues for infrastructure, education, and healthcare.
