Trafigura's "Mr. Non-Compliant": Unraveling the Bribery Scheme
Monday, Nov 18, 2024 2:21 pm ET
4min read Trafigura, a Swiss commodities trading giant, has been accused of using intermediaries and shell companies to facilitate bribe payments to an Angolan official, with the help of a former employee nicknamed "Mr. Non-Compliant." This article delves into the alleged bribery scheme, its financial gains, and Trafigura's response to the accusations.
The Swiss indictment details how Trafigura's former employee Mariano Ferraz set up Enelmer International Ltd. to funnel funds to an Angolan official via a Credit Agricole account. Later, Consultco Trading Ltd., run by a former Trafigura executive known as P., made additional payments. Another former Trafigura employee, "Mr. Non-Compliant," was installed as a "controller" of the money flowing through Consultco. This complex web of intermediaries and shell companies helped Trafigura allegedly transfer over $5.79 million to the Angolan official between 2009 and 2011.
Trafigura allegedly profited approximately $143.7 million from the bribery scheme, according to Swiss prosecutors. The indictment details that the company secured multi-year chartering contracts and a shipping fuel supply deal with an Angolan official, generating significant profits.
Trafigura has since enhanced its compliance program, investing in a global compliance team, implementing mandatory training for all staff, and prohibiting the use of third parties for business origination since 2019. These measures aim to prevent similar incidents in the future and demonstrate the company's commitment to responsible conduct.
The alleged bribery scheme has raised concerns about Trafigura's corporate governance and ethical standards. As the company faces legal consequences, investors may question its reputation and the potential impact on future business operations. However, Trafigura's response to the accusations and its commitment to strengthening its compliance program may help rebuild investor confidence.
In conclusion, the alleged bribery scheme involving Trafigura, "Mr. Non-Compliant," and an Angolan official highlights the importance of robust corporate governance and ethical standards in the commodities trading industry. As Trafigura faces legal repercussions, investors should closely monitor the company's response and the potential impact on its long-term performance.
The Swiss indictment details how Trafigura's former employee Mariano Ferraz set up Enelmer International Ltd. to funnel funds to an Angolan official via a Credit Agricole account. Later, Consultco Trading Ltd., run by a former Trafigura executive known as P., made additional payments. Another former Trafigura employee, "Mr. Non-Compliant," was installed as a "controller" of the money flowing through Consultco. This complex web of intermediaries and shell companies helped Trafigura allegedly transfer over $5.79 million to the Angolan official between 2009 and 2011.
Trafigura allegedly profited approximately $143.7 million from the bribery scheme, according to Swiss prosecutors. The indictment details that the company secured multi-year chartering contracts and a shipping fuel supply deal with an Angolan official, generating significant profits.
Trafigura has since enhanced its compliance program, investing in a global compliance team, implementing mandatory training for all staff, and prohibiting the use of third parties for business origination since 2019. These measures aim to prevent similar incidents in the future and demonstrate the company's commitment to responsible conduct.
The alleged bribery scheme has raised concerns about Trafigura's corporate governance and ethical standards. As the company faces legal consequences, investors may question its reputation and the potential impact on future business operations. However, Trafigura's response to the accusations and its commitment to strengthening its compliance program may help rebuild investor confidence.
In conclusion, the alleged bribery scheme involving Trafigura, "Mr. Non-Compliant," and an Angolan official highlights the importance of robust corporate governance and ethical standards in the commodities trading industry. As Trafigura faces legal repercussions, investors should closely monitor the company's response and the potential impact on its long-term performance.
