IN a groundbreaking trial that began Monday, a former executive of Swiss commodities trading giant Gunvor has appeared in court to face corruption charges linked to an $80 billion graft scandal, Reuters reports. This case marks a rare instance of corruption allegations within Switzerland’s lucrative commodities trading sector reaching the courtroom.
According to Reuters, in an exclusive report, the defendant, a French national who previously worked as a finance manager at Gunvor, is accused of playing a pivotal role in corrupt payments exceeding $35 million to officials in the Republic of Congo between 2010 and 2011. The charges also allege that the executive offered benefits to a Congolese official representing President Denis Sassou Nguesso’s son in 2014, in exchange for new oil contracts.
The trial, taking place at the Swiss Federal Criminal Court in Bellinzona, is set to conclude on Wednesday. If convicted, the defendant faces up to five years in prison.
Reuters reports that Swiss prosecutors initiated their investigation into Geneva-based Gunvor in 2011. This trial follows two previous judgments: a 2018 court ruling accepting a plea bargain from another ex-employee who admitted to paying bribes in Congo and Ivory Coast, and a 2019 decision that found Gunvor criminally liable for corruption, resulting in a fine of approximately 94 million Swiss francs ($111.5 million).
The news agency notes that the defendant, who cannot be named due to Swiss law, categorically denies all charges through his lawyer. Evidence cited in court documents includes a video recording of a 2014 meeting in Paris, where the defendant allegedly revealed knowledge of past payments to Congolese officials and awareness of the ongoing corruption probe.
Agathe Duparc from the campaign group Public Eye told Reuters that the public nature of this trial could play a crucial role in revealing the chain of responsibility and potentially deterring future incidents of corruption in the commodities trading sector.
A Gunvor spokesperson declined to comment on the current proceedings, stating to Reuters that the company is not a party to the trial and that all matters were concluded in 2019.
This landmark case shines a spotlight on the often-opaque world of commodities trading and could have far-reaching implications for the industry’s practices and accountability.
