Glencore Installs Legal Monitors Following Bribery Conviction

2023-03-01 02:33:52

(MENAFN- Swissinfo) Glencore's Swiss headquarters in Baar, canton Zug © Keystone / Urs Flueeler

Glencore has installed independent legal monitors to oversee its internal conduct as part of an agreement with the US government, marking a key milestone in the Swiss-based commodities house's closely watched corruption case.

This content was published on March 1, 2023 - 09:25 March 1, 2023 - 09:25 Leslie Hook in London and Joe Miller in New York, Financial Times

Judge Lorna Schofield agreed on Tuesday to impose the sentence recommended in a plea deal Glencore struck with prosecutors in May when it admitted to bribery and market manipulation, agreeing to pay more than $1.1 billion (CHF1 billion) in penalties and install legal monitors for three years.

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US law firms Ropes & Gray and Jenner & Block are running the monitorship with assistance from Swiss firm Bär & Karrer. Ropes & Gray partner Alex Rene will be lead monitor, according to a person familiar with the matter.

The corruption investigation, conducted by authorities in the US, UK and Brazil, centred on the use of bribes to secure favourable contracts, and on efforts to manipulate the benchmark price of fuel oil.

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