Financial Crime World

Swiss Attorney General Indicts Trafigura Parent Company and Three Individuals in Angola Money Laundering Case

The Swiss Office of the Attorney General (OAG) has filed an indictment against Trafigura Beheer BV (TBBV) and three individuals in relation to a money laundering investigation involving bribes paid to an Angolan public official during petroleum industry activities between 2009 and 2011.

Accused Parties and Charges

  • Trafigura Beheer BV (TBBV): The Dutch parent company of Trafigura Group is charged with failing to take necessary measures to prevent the payment of bribes.
  • A former Angolan official: Accused of receiving EUR4.3 million (CHF4 million) in bribes from Trafigura through bank transfers, cash payments, and expenses.
  • A former intermediary: Charged with granting part of the undue advantages to the Angolan official.
  • A former senior executive of TBBV: Accused of granting benefits directly and by omission.

Background

TBBV oversaw Trafigura’s activities in Angola between 2009 and 2011, with branches in Geneva and Lucerne. Trafigura was involved in ship chartering and bunkering sectors, with major clients being the Angolan government and its subsidiaries, including Sonangol Distribuidora SA.

The former Angolan official is alleged to have received bribes for facilitating Trafigura’s business activities with Sonangol.

Impact on Trafigura

As a result of these corrupt acts, Trafigura allegedly secured contracts with Sonangol worth an estimated $143.7 million, leading to profits of the same value for the company.

Investigation Timeline

  • July 2020: Swiss authorities opened a criminal investigation against suspects unknown for bribery and money laundering.
  • 2021: The investigation was expanded.
  • March 2023: The Swiss Attorney General’s office detailed the allegations against the suspects in a statement.

Compliance Regulations

The OAG alleges that TBBV’s internal regulations during the period in question were not in line with international standards for preventing and combating corruption.

Accused Parties’ Responses

  • Trafigura: The company has been cooperating with regulatory authorities in the United States, Brazil, and Switzerland regarding earlier investigations into payments made through third parties. Trafigura maintains that the investigations mainly concern payments made over a decade ago and that Chief Operating Officer Mike Wainwright rejects the charges against him. TBBV remains involved in an ongoing civil case in Brazil.
  • Former Chief Operating Officer of TBBV (Mike Wainwright): Rejects the charges against him and will defend himself in court.
  • Accused Individuals: All maintain their presumption of innocence until a final verdict is reached.

Regret and Actions Taken

Trafigura sincerely regrets the incidents that breached their code of conduct and values. Since the period in question, they have significantly enhanced their compliance programme and controls, and are committed to taking decisive action to address any remaining gaps in their policies.