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Trafigura, an independent operator of commodities and raw materials, acknowledges the charges brought against it by Swiss justice. The company is involved in the construction of the Lobito corridor.
The Trafigura group was accused by Swiss justice of bribing public officials in Angola. The company recognized the charges made against it. Additionally, it revealed that it is the target of an investigation by the United States Department of Justice regarding “improper payments” made in Brazil, according to Bloomberg.
“The accusations against Mike Wainwright, who as Trafigura’s operations director has been part of the company’s leadership trio for a decade, make him one of the highest commodity traders to be charged with corruption,” highlights the North American financial information agency.
Trafigura, an independent operator of commodities and raw materials, specializing in the markets of oil, minerals, and metals, has diverse activities in Angola. For example, it is part of the consortium to which the Angolan Government awarded the construction of the Lobito corridor, which also includes Mota-Engil.
Angolan General Leopoldino Fragoso do Nascimento (Dino), close to the late President José Eduardo dos Santos, once held a shareholder position in Trafigura, which he sold in 2021 for 400 million euros. Until 2018, Trafigura held the monopoly on fuel importation in Angola.
In February of this year, the Angolan state oil company Sonangol announced it had chosen the multinationals BP and Trafigura to supply gasoline and diesel to Angola for a period of 12 months.
In a statement cited by Bloomberg, the office of the Swiss federal prosecutor says that Trafigura, through its unit Trafigura Beheer BV, did not take the necessary organizational measures to prevent the payment of bribes in Angola between 2009 and 2011. According to Swiss authorities, Trafigura transferred 4.3 million euros to a bank account in Geneva and made cash payments of 604 thousand dollars to an Angolan official between April 2009 and October 2011, related to its activities in the country’s oil industry.
In return, the Angolan official, former CEO of a subsidiary of the state oil company Sonangol, favored Trafigura in maritime transport contracts, alleges the Swiss prosecutor. The alleged profits of Trafigura from these contracts amounted to 143 million euros. According to Swiss law, the company faces a fine of up to 150 million euros.
In the case of Brazil, Bloomberg notes, the investigations are partly related to statements made by former Trafigura executive Mariano Ferraz as part of a plea agreement after his conviction in a separate case in the country.
Ferraz was charged with corruption and money laundering as part of the Petrobras Carwash investigation. In parallel, Trafigura and several of its senior executives were charged with corruption by Brazilian prosecutors in a civil lawsuit.
Initially, Trafigura stated it was willing to resolve the Swiss investigation out of court, but now it has changed its strategy and assures that it will defend itself in court.
