GENEVA : 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.

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 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.

"TBBV's anti-bribery and anti-corruption controls and compliance programme in place at the relevant time have been externally reviewed and assessed to have met legal requirements and international good practice standards applicable at that time," it said, noting it has since strengthened compliance.

The company previously said it was willing to resolve the investigation out of court but the Attorney General's office decided against a settlement. The office declined to comment.

One of the defendants is Mike Wainwright, 51, who was a top Trafigura executive until his retirement earlier this year.

At the time of the alleged crimes, he was chief operating officer, management board member, a compliance committee member and the main point of contact for Trafigura auditors, the indictment says.

"Mr Wainwright entirely rejects the allegations made against him and will be presenting a robust defence. He has full confidence the court will find the allegations to be unfounded and will dismiss the case made against him by the prosecution," said his lawyer Daniel Kinzer.

The other two defendants are the former Angolan official and a Swiss man and ex-Trafigura employee who allegedly acted as an intermediary for the payments via a company registered in the British Virgin Islands.

Lawyers for the two did not respond to calls and emails from Reuters. Trafigura declined to comment further.

Under Swiss law, the defendants face a maximum sentence of five years in prison. Trafigura faces a fine of up to 5 million Swiss francs ($5.60 million), although the Swiss Federal Criminal Court said a higher compensation penalty is possible.

TRAFIGURA LETTERHEAD

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