GLENCORE ADMITS TO GLOBAL BRIBERY SCHEME AND TO PAY $1 BILLION PENALTY

On 24 May, Energy Voice reported that Glencore has agreed to pay penalties of $1.06 billion to US and Brazilian authorities and that more is to come in a UK settlement with the SFO, as the global commodities trader remains under investigation in Switzerland and the Netherlands.  It will pay $1.02 billion net to the US authorities, and $39.6 million to Brazil.  In the UK, Glencore Energy UK agreed to plead guilty to charges brought by the SFO in response to its bribery investigation.  The US case included bribery investigations and market manipulation around fuel oil supplies. It is reported that Glencore had paid bribes in Brazil, Nigeria, Congo Kinshasa and Venezuela; and paid bribes to secure oil contracts and to avoid government audits, as well as bribes to judges to make lawsuits disappear.

https://www.energyvoice.com/oilandgas/414093/glencore-bribery-penalty-us/

https://mondovisione.com/media-and-resources/news/cftc-orders-glencore-to-pay-1186-billion-for-manipulation-and-corruption/

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