Glencore agrees to pay more than 1.2 billion USD in the United States to settle its corruption cases
Mining and commodities trader Glencore has settled investigations into corruption and market manipulation in the UK and US that have dogged the company for years.
In February, Glencore announced it had set aside $1.5 billion to cover settlement costs in the US, UK and Brazil, and the company confirmed it would appear in court. in the United States on Tuesday under “proposed resolutions” to investigate his activities.
Later in the day, the UK’s Serious Fraud Office (SFO) charged Glencore with seven counts of corruption in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan. A London judge will sign separate penalties for Glencore at a sentencing hearing on June 21.
In the United States, the miner pleaded guilty to violating the Foreign Corrupt Practices Act, agreeing to pay $700 million to resolve the corruption investigation and more than $485 million to settle accusations of market manipulation.
“Glencore today is no longer the company it was when the unacceptable practices giving rise to this misconduct occurred,” Chairman Kalidas Madhavpeddi said in the statement.
The company further agreed to pay more than $39.5 million under a resolution signed with Brazil’s Federal Prosecutor’s Office (MPF) as part of its corruption investigation.
For the past four years, Glencore has been investigated by the US Department of Justice (DOJ), the SFO and Brazilian authorities for alleged money laundering and corruption.
The Swiss company revealed in 2018 that the US DOJ had requested documents related to the group’s activities in the Democratic Republic of Congo (DRC), Nigeria and Venezuela as part of an investigation into possible cases of corruption and corruption. money laundering.
