For the first time, Switzerland is trying commodities trader Trafigura for bribery allegations in Angola. The case shows that there is a lot of cheating in the commodities business and tests how accountable Swiss companies are.
Key Takeaways
1. The trial of Trafigura marks the first instance of a global corporation facing criminal bribery charges in Switzerland.
2. The case draws attention to continuous worries about corruption in the world commodities trading scene.
First of its kind
A global company answers criminal bribery accusations for the first time in Switzerland. Trafigura, a large commodities company, faces accusations of paying approximately $5 million in bribes to secure lucrative oil deals in Angola. The trial marks a significant milestone in Swiss legal history.
Claims of Corruption
The indictment claims that the previous parent firm of Trafigura had sufficient policies to stop illicit payments.
A former Angolan state official, a former high-level Trafigura employee, and a middleman are also involved in the case. The case emphasizes persistent worries about commodities business corruption.
Multimillion-dollar program
Suspects believe the former Angolan official accepted bribes totaling over €4.3 million and $604,000 between 2009 and 2011.
Trafigura maintained its innocence, stressing important expenditures in compliance enhancements since the claimed incidents. The allegations of bribery are relatively extensive.
The Trial Runs
Expected to last until at least December 20th, the trial is being held in Bellinzona, Switzerland. Every defendant argues their claim to an innocent presumption. The result will have major ramifications for corporate responsibility.
Globally Reaching Local Implications
Globally employing more than 12,000 people, Trafigura is a Singapore-based firm. This trial highlights that even large-scale international companies with significant resources are not immune to prosecution for alleged unethical behavior. The effects will resonate globally.
FAQ
1. What is the accusation against Trafigura?
The company is offering approximately $5 million to Angolan officials as a bribe to secure oil contracts.
2. Who else is taking part?
There are also ties to a former high-level Trafigura employee, a former Angolan official, and a middleman.
3. What place is the trial?
The main court for crimes in Switzerland is in Bellinzona.
4. What does Trafigura say to defend itself?
They claim that insufficient safety measures were in place during the alleged bribery, but they have since improved them.
5. Fifth, what does this case mean?
For the first time, a global business is facing bribery charges in Switzerland, setting a precedent for corporate accountability.