(3 minutes read)
A subsidiary of Swiss-based mining giant Glencore, pleaded guilty for bribery in a London court, requiring the mining firm to pay up to $1.5 billion. Other subsidiaries of the firm also pleaded guilty to bribery in Brazil and the US.
A subsidiary of Swiss-based mining giant Glencore, pleaded guilty of bribery in a London court, requiring the mining firm to pay up to $1.5 billion. Other subsidiaries of the firm also pleaded guilty of bribery in Brazil and the US.
This was revealed by U.S. Attorney General, Merrick Garland while briefing the press on the details of the settlement reached with the company. He revealed that Glencore has agreed to pay approximately US$700 million in penalties for its decade-long scheme to bribe foreign officials in seven different countries. Meanwhile, Glencore’s U.S. commodities trading arm, Glencore Limited was also booked for manipulating fuel oil prices at two commercial shipping ports in the United States over the course of eight years. Glencore has agreed to pay approximately US$485 million in penalties in this regard.
Also Read:
https://trendsnafrica.com/managem-and-glencore-to-produce-cobalt-from-recycled-battery-materials/
https://trendsnafrica.com/glencore-mulls-sale-of-its-entire-stake-in-zambias-mopani-copper-mines/
https://trendsnafrica.com/glencore-in-zambia-asked-to-continue-with-its-copper-mining/
The British Serious Fraud Office (SFO) said that the company’s agents and employees had paid bribes worth over US$25million for preferential access to oil in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan between 2011 and 2016. In 2018, the US Department of Justice (DoJ) launched an investigation into Glencore’s compliance with American money-laundering and corruption laws since its operations in Nigeria, the Democratic Republic of Congo, and Venezuela. The UK’s Serious Fraud Office followed suit in 2019. It investigated one of Glencore’s UK subsidiaries over “suspicions of bribery” in Africa.
