Home Business Glencore 'to confess' prices associated to alleged $25m bribes for oil contracts

Glencore 'to confess' prices associated to alleged $25m bribes for oil contracts

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Glencore 'to confess' prices associated to alleged $25m bribes for oil contracts

A unit of FTSE 100 mining and commodities dealer Glencore plans to plead responsible to bribery prices associated to grease contracts in Africa.

The Serious Fraud Office (SFO) charged Glencore Energy (UK) Ltd with seven offences following an investigation which started in December 2019.

Following a listening to at Westminster Magistrates’ Court, the corporate confirmed it was dealing with the prospect of a fantastic.

The SFO claimed to have uncovered bribery and corruption in Glencore’s oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan, with the corporate’s brokers and workers paying greater than $25m (£20m) in bribes to safe preferential entry to grease.

The SFO additional alleges that the corporate permitted the exercise.

Glencore, whose representatives additionally appeared in court docket within the United States on Tuesday, had mentioned in February it could
put aside $1.5bn for investigations into bribery and market manipulation regarding a few of its operations within the
Democratic Republic of Congo, Nigeria and Venezuela.

At the listening to in London, District Judge Michael Snow despatched the case to Southwark Crown Court for an additional listening to which is scheduled to happen in a month’s time.

SFO director Lisa Osofsky mentioned afterwards: “This significant investigation, which the Serious Fraud Office has brought to court in less than three years, is the result of our expertise, our tenacity and the strength of our partnership with the US and other jurisdictions.

“We will not cease combating critical fraud, bribery and corruption, and we look ahead to the following steps on this main prosecution.”

Glencore, which is based in Switzerland, said the size of the UK fine would be determined at Southwark Crown Court.

It also revealed that it had agreed settlements with the US authorities and Brazil amounting to just over $1bn and $40m respectively.

Glencore said it was yet to resolve investigations with the Dutch and Swiss authorities but believed that there was no need to increase its $1.5bn misconduct provision that was booked last year.

Chief executive Gary Nagle said of the resolutions agreed on Tuesday: “We acknowledge the misconduct recognized in these investigations and have cooperated with the authorities.

“This type of behaviour has no place in Glencore, and the board, management team and I are very clear about the culture that we want and our commitment to be a responsible and ethical operator wherever we work.

“We have taken vital motion in the direction of constructing and implementing a world-class ethics and compliance programme to make sure that our core controls are entrenched and efficient in each nook of our enterprise.”

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