Trafigura Group announced on Sunday its commitment to defending itself against the accusations claiming that its former parent company failed to implement “reasonable and necessary” measures to avert unauthorized payments to a prior employee of Angola’s state-owned oil corporation.
This case highlights a resurgence of bribery allegations within the commodities trading sector, which has tangled several large firms, including Swiss-based Glencore and Gunvor, a Cyprus-based entity with substantial operations in Switzerland.
In December of last year, federal prosecutors in Switzerland revealed that Trafigura, along with three individuals — a former high-ranking employee, a past official of the Angolan state oil firm Sonangol, and another former Trafigura employee serving as a go-between — were charged in relation to their alleged involvement in bribery activities.
The ex-official from Angola faces accusations of having accepted bribes exceeding 4.3 million euros and $604,000 from Trafigura Group during the period from April 2009 to October 2011. In response, Trafigura noted that it has devoted substantial resources to enhance its compliance framework over the years. It is essential to emphasize that the defendants maintain a presumption of innocence while the legal proceedings unfold within the Swiss judicial system.
The trial, conducted at the Swiss federal criminal court located in Bellinzona, is anticipated to continue until December 20, with the potential for extension into January should circumstances necessitate.
With its headquarters in Singapore, Trafigura is a prominent player in various industries, including oil and petroleum, metals and mining, as well as gas and power, employing over 12,000 individuals across the globe.