Swiss corruption case involving Trafigura and former executive opens

Trafigura and three other defendants including a former board member go on trial over the alleged payment of bribes to an Angolan oil official for oil deals in a landmark case that opens on Monday. +Get the most important news from Switzerland in your inbox It is the first time Switzerland’s top criminal court will rule on a company’s liability for the alleged bribing of a foreign official and a rare instance of a former top executive of a trading firm going in the dock. Prosecutors allege Trafigura also did not take all reasonable measures needed to prevent payment of the equivalent of over $5 million (CHF4.4 million) in bribes in exchange for oil and shipping contracts between 2009 and 2011, according to the indictment. Trafigura said in a statement its former parent company Trafigura Beheer BV (TBBV) will defend itself. + Switzerland refuses to legislate on commodities sector “TBBV’s anti-bribery and anti-corruption controls and compliance programme in place at the relevant time ...