Glencore to pay up to $1.5 bln to settle probes for bribing foreign officials in countries including Cameroon

REUTERS | STORY: The mining giant Glencore has agreed to plead guilty to multiple counts of corruption and market manipulation charges in the U.S., Britain, and Brazil.

The company said on Tuesday it expects to pay up 1.5 billion dollars as a settlement.

It’s accused of bribing foreign officials in countries including Nigeria, Ivory Coast, and Cameroon.

The UK Serious Fraud Office claims Glencore agents and employees paid bribes worth more than $25 million for preferential access to oil.

One of its U.S. trading arms is also alleged to have engaged in a scheme to manipulate U.S. fuel oil price benchmarks.

U.S. Attorney General Merrick Garland:

“This represents the Justice Department’s largest criminal enforcement action to date for a commodity price manipulation conspiracy in oil markets.”

“Glencore made hundreds of millions of dollars in profits from these crimes, including $272 million from the foreign bribery scheme and $144 million from the Commodity Price Manipulation Scheme and these crimes exacted great costs across the globe, perpetuating transnational corruption and manipulating oil prices in two of the largest fuel markets in America.”

U.S. Justice Department officials told reporters on Tuesday their investigations remain ongoing.

Glencore also faces probes by Swiss and Dutch authorities.

None of the company’s top executives have faced charges to date.

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RELATED: Press Release from the U.S. Department of Justice

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One comment

  1. Lizzy Tuszynski

    It takes 2 atleast to commit a crime.
    GLENCORE and its partners in these African countries should face justice.
    It should be done in the same court.
    There is somuch left undone with the mining exploitation in Africa.