Glencore will plead guilty to multiple counts of bribery and market manipulation and pay penalties of up to $1.5bn following US, UK and Brazilian investigations that uncovered corruption at one of the world’s largest commodity traders.
The UK Serious Fraud Office on Tuesday charged the group’s subsidiary Glencore Energy UK with seven cases of profit-driven bribery and corruption in connection to oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan.
In a statement, the SFO said that its case was that “Glencore agents and employees paid bribes worth over $25mn for preferential access to oil, with approval by the company”.
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