(3 minutes read)
A Glencore subsidiary pleaded guilty to multiple counts of bribery. It admitted to bribing officials in countries like Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan. This is one of the rare admission of guilt by a corporate body having a global presence. The Glencore case is being heard at a Southwark Crown Court in London
A Glencore subsidiary pleaded guilty to multiple counts of bribery. It admitted to bribing officials in countries like Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan. This is one of the rare admission of guilt by a corporate body having a global presence. The Glencore case is being heard at a Southwark Crown Court in London.
Glencore Energy admitted to paying more than US$28 million in bribes to secure preferential access to oil. This generated illicit profit for the company between 2011 and 2016. The company will be sentenced on Nov. 2 and 3, the UK Serious Fraud Office (SFO), according to a wire agency’s report.
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U.S. authorities will impose the bulk of penalties after Glencore agreed to a US$1.1 billion U.S. settlement last month to resolve a decade-long case of bribing foreign officials across seven countries. The guilty plea by a corporate heavyweight in London is a much-needed boost for the SFO. Recently, it has faced sharp criticism. It is awaiting the outcome of a “forensic” government-ordered review after senior judges overturned two convictions in a separate case because of disclosure failings.
