Glencore Pleads Guilty To Bribery In London Court| MENAFN.COM

Wednesday, 06 July 2022 11:32 GMT

Glencore Pleads Guilty To Bribery In London Court


(MENAFN- Swissinfo) The Swiss commodities giant has already said it expects to pay an overall $1.5 million penalties for bribery and market manipulation following investigations in several countries including the US and Brazil. © Keystone / Urs Flueeler

A British subsidiary of Swiss commodities giant Glencore on Tuesday pleaded guilty to seven counts of bribery in connection with oil operations in several African countries.

This content was published on June 21, 2022 - 16:46 June 21, 2022 - 16:46 Reuters/jc

At a court in London, Glencore Energy formally admitted to paying more than $28 million (CHF27.1 million) in bribes to secure preferential access to oil and generate illicit profit between 2011 and 2016, the Reuters news agency said.

The countries concerned are Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan.

The company will be sentenced in the UK on November 2 and 3, the UK Serious Fraud Office (SFO) said.

Glencore has already said it expects to pay up to $1.5 billion to settle allegations of bribery and market manipulation. Three subsidiaries in the US, Brazil and now the UK have pleaded guilty to criminal offences.

The company still faces investigations in Switzerland and the Netherlands.

But after sweeping changes that culminated in the exit of CEO and top shareholder Ivan Glasenberg in 2021, the November sentencing will wrap up a multinational inquiry that has weighed on Glencore for more than four years, Reuters adds.

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