Tag #Trafigura

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lemonde.fr

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Feb 7, 16:12

Trafigura Convicted of Bribery Despite Angola Contract Award

A Swiss court convicted Trafigura, a commodities trader, for paying $4.9 million in bribes to an Angolan oil executive between 2009 and 2011, resulting in $143.7 million in profits, despite Angola's ongoing anti-corruption efforts and the company's recent award of a 30-year contract.

Trafigura Convicted of Bribery Despite Angola Contract Award

A Swiss court convicted Trafigura, a commodities trader, for paying $4.9 million in bribes to an Angolan oil executive between 2009 and 2011, resulting in $143.7 million in profits, despite Angola's ongoing anti-corruption efforts and the company's recent award of a 30-year contract.

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What systemic changes are needed in Angola to prevent similar corruption scandals in the future, and what challenges might hinder these changes?

Trafigura's conviction and subsequent contract award reveal a potential vulnerability in Angola's anti-corruption campaign. Future success hinges on stronger enforcement of anti-corruption laws and a more transparent process for awarding major contracts, limiting the influence of past corrupt relationships. The long-term implications include potential continued exploitation of Angolan resources and the risk of undermining public trust in the government's reform efforts.

bbc.com

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Jan 31, 22:08

Trafigura Convicted of Bribery in Landmark Swiss Case

Switzerland's highest court convicted Trafigura and its former COO Mike Wainwright of bribery for paying an Angolan official \$5 million to secure \$144 million in oil contracts between 2009 and 2011, resulting in a \$148 million fine for Trafigura and a 32-month jail sentence for Wainwright.

Trafigura Convicted of Bribery in Landmark Swiss Case

Switzerland's highest court convicted Trafigura and its former COO Mike Wainwright of bribery for paying an Angolan official \$5 million to secure \$144 million in oil contracts between 2009 and 2011, resulting in a \$148 million fine for Trafigura and a 32-month jail sentence for Wainwright.

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How did Trafigura's alleged bribery scheme function, and what role did offshore entities play?

The court found Trafigura used a complex payment web involving shell companies and a middleman to make the payments, despite claiming excellent compliance measures. Documents like Trafigura's headed notepaper were used as evidence. The case highlights the use of offshore havens to mask illicit activities.

faz.net

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Feb 2, 19:07

Trafigura and Ex-Executive Convicted of Bribery in Switzerland

A Swiss court convicted Trafigura, a major commodity trader, and its former executive Mike Wainwright of bribing an Angolan official between 2009 and 2011, resulting in a \$3 million fine for Trafigura, \$143.7 million in forfeited profits, and a 32-month prison sentence (20 months suspended) for Wa...

Trafigura and Ex-Executive Convicted of Bribery in Switzerland

A Swiss court convicted Trafigura, a major commodity trader, and its former executive Mike Wainwright of bribing an Angolan official between 2009 and 2011, resulting in a \$3 million fine for Trafigura, \$143.7 million in forfeited profits, and a 32-month prison sentence (20 months suspended) for Wa...

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What are the immediate consequences of the Swiss court's verdict on Trafigura and its former executive for the global commodity trading industry?

Trafigura, a major oil, gas, and metals trader, and its former executive, Mike Wainwright, were convicted of bribery in Switzerland. Wainwright was sentenced to 32 months, with 20 suspended, and Trafigura must pay a \$3 million fine plus forfeit \$143.7 million in illicit profits gained from bribing an Angolan official.

dw.com

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Jan 6, 19:09

Probo Koala Victims Seek Justice in Amsterdam

Over 100,000 Ivorians affected by the 2006 Probo Koala toxic waste dumping in Abidjan are pursuing legal action against Trafigura in Amsterdam, seeking compensation for health issues and environmental damage; despite a 2007 settlement between Trafigura and the Ivorian government, victims claim exclu...

Probo Koala Victims Seek Justice in Amsterdam

Over 100,000 Ivorians affected by the 2006 Probo Koala toxic waste dumping in Abidjan are pursuing legal action against Trafigura in Amsterdam, seeking compensation for health issues and environmental damage; despite a 2007 settlement between Trafigura and the Ivorian government, victims claim exclu...

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Good Health and Well-being

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What are the potential long-term impacts of this case on the ability of victims of corporate environmental disasters in developing countries to hold corporations accountable?

The long legal battle underscores the difficulties in prosecuting multinational corporations for environmental damage in developing countries. The Amsterdam court's decision on admissibility will set a precedent, impacting future attempts to seek justice for similar cases. The involvement of European lawyers funded by an insurance company shows the growing role of private actors in supporting victims of corporate malfeasance.

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