GLENCORE SUBSIDIARY ON TUESDAY PLEADED GUILTY
Written by awawa on June 22, 2022
Glencore subsidiary on Tuesday pleaded guilty to multiple counts of bribery after admitting to bribing officials in countries like Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan, marking a rare corporate conviction for corruption.
At a Southwark Crown Court hearing in London, Glencore Energy admitted to paying more than $28 million in bribes to secure preferential access to oil and generate illicit profit between 2011 and 2016. The company will be sentenced on Nov. 2 and 3, the UK Serious Fraud Office (SFO) said in a report by Reuters sighted by Africanews.
The company still faces Swiss and Dutch investigations. However, after sweeping changes that culminated in the exit of CEO and top shareholder Ivan Glasenberg in 2021, the November sentencing will wrap up a multinational inquiry that has weighed on the business for more than four years.
Glencore’s shares were trading almost 1.8% up at 1240 GMT, broadly in line with London-listed rivals.
U.S. authorities will account for the bulk of penalties after Glencore agreed to a $1.1 billion U.S. settlement last month to resolve a decade-long scheme to bribe foreign officials across seven countries