'Glencore 'to admit' charges related to $25m bribes for oil contracts', 25 May 2022

A unit of FTSE 100 mining and commodities trader Glencore plans to plead guilty to bribery charges related to oil contracts in Africa. The Serious Fraud Office (SFO) charged Glencore Energy (UK) Ltd with seven offences following an investigation which began in December 2019.

Following a hearing at Westminster Magistrates' Court, the company confirmed it was facing the prospect of a fine.

The SFO claimed to have exposed bribery and corruption in Glencore's oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan, with the company's agents and employees paying more than $25m (£20m) in bribes to secure preferential access to oil. The SFO further alleges that the company approved the activity.

Glencore, whose representatives also appeared in court in the United States on Tuesday, had said in February it would set aside $1.5bn for investigations into bribery and market manipulation relating to some of its operations in the Democratic Republic of Congo, Nigeria and Venezuela....

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..."