Trafigura Paid Bribes Via ‘Mr. Non-Compliant,' Swiss Prosecutors Say [Yahoo! Finance Canada]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The trading house heads to court Dec. 2 on bribery charges, alongside former senior executive Mike Wainwright, a Swiss middleman who can only be named as P., and a senior Angolan public official Paulo Gouveia Junior. A 150-page indictment released on Monday detailed how the bribes were allegedly paid and for the first time claimed that Trafigura's late founder and Chief Executive Officer Claude Dauphin was a central participant in the scheme. The indictment lays bare how Trafigura's most senior executives — up to and including Dauphin — were allegedly involved in corruption. While there have been numerous corruption cases in the past four years against commodity trading companies, only a few individual mid-level traders have been convicted. If convicted, Trafigura faces a maximum fine of just 5 million Swiss francs ($5.6 million), roughly what the company made every six hours last year from trading oil, metals and other commodities, plus repayment of th
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