(MENAFN- Swissinfo)
Glencore's Swiss headquarters in canton Zug. © Keystone / Urs Flueeler
A British subsidiary of Swiss mining and trading group Glencore was ordered to pay a total penalty of £276.4 million (CHF314.2 million) in a London court on Thursday for seven bribery offences in relation to its oil operations in Africa.
This content was published on November 3, 2022 - 13:36 November 3, 2022 - 13:36 Reuters/dos Glencore Energy UK Limited was ordered to pay a £182.9 million fine as well as a £93.5 million confiscation order.
The judge at Southwark Crown Court said the offences to which Glencore had pleaded guilty represented“corporate corruption on a widespread scale, deploying very substantial sums of money in bribes”.
“The corruption is of extended duration, and took place across five separate countries in West Africa, but had its origins in the West Africa oil trading desk of the defendant in London. It was endemic amongst traders on that particular desk,” the judge said.
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