Trafigura Charged in Switzerland Over Alleged Angola Bribery
Trafigura Group Pte Ltd, one of the world’s largest independent commodity trading companies, has been charged in Switzerland with bribery and money laundering related to its activities in Angola.
Background of Trafigura
Trafigura is a global commodity trading company founded in 1993. It is headquartered in Singapore and has offices in 36 countries. It is one of the world’s largest independent commodity trading companies, with a turnover of $180 billion in 2020. It trades in a wide range of commodities, including oil, metals, minerals, and agricultural products.
Allegations of Bribery and Money Laundering
The Swiss Attorney General’s Office (OAG) has charged Trafigura with bribery and money laundering related to its activities in Angola. The OAG alleges that Trafigura paid bribes to Angolan officials in exchange for preferential treatment in the awarding of contracts. The OAG also alleges that Trafigura laundered the proceeds of the bribes through Swiss bank accounts.
Investigation by the OAG
The OAG has been investigating Trafigura since 2018. The investigation was triggered by a complaint filed by a former employee of Trafigura in Angola. The OAG has conducted searches of Trafigura’s offices in Switzerland and has interviewed numerous witnesses.
Trafigura’s Response
Trafigura has denied any wrongdoing and has stated that it is cooperating with the OAG’s investigation. Trafigura has also stated that it has implemented a comprehensive anti-bribery and corruption program and has taken steps to ensure compliance with applicable laws and regulations.
Implications of the Charges
If convicted, Trafigura could face significant fines and other penalties. The charges could also have a negative impact on Trafigura’s reputation and its ability to do business in Angola and other countries.
Consequences for Angola
The charges against Trafigura could have serious consequences for Angola. The country is already facing an economic crisis due to the decline in oil prices and the COVID-19 pandemic. The charges could further damage Angola’s reputation and make it more difficult for the country to attract foreign investment.
The Fight Against Corruption
The charges against Trafigura are a reminder that corruption is still a major problem in many countries, including Angola. The OAG’s investigation is an important step in the fight against corruption and should serve as a warning to other companies that bribery and money laundering will not be tolerated.