Glencore subsidiary pleads guilty in Britain to bribery
A subsidiary of commodity trading giant Glencore on Tuesday formally pleaded guilty in a London court to seven counts of bribery in connection with oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan.
The UK Serious Fraud Office (SFO) said sentencing had been set for early November.
The Swiss-based multinational has already said it expects to pay up to $1.5-billion to settle allegations of bribery and market manipulation. Authorities in the United States, Britain and Brazil said in May that three subsidiaries were pleading guilty to crimes.
The largest chunk of those funds has already been apportioned to US authorities after Glencore agreed to a $1.1-billion US accord last month. It is also paying about $40-million in Brazil.
Glencore Energy UK indicated last month that it planned to plead guilty after the SFO formally charged the company at London's Westminster Magistrates' Court with more than $25-million of bribery offences for preferential access to oil between 2011 and 2016.
The case was subsequently sent to the higher Southwark Crown Court for Tuesday's plea hearing.
The U.S. attorney general has said that the $1.1-billion accord agreed last month would resolve both a decade-long scheme to bribe foreign officials across seven countries and separate criminal and civil charges alleging that one of the company's trading arms manipulated fuel oil prices at two of the largest US shipping ports.
Glencore is also paying $29.6-million directly to state-run Brazilian oil company Petrobras in compensation for defrauding the company and roughly $10-million to authorities in civil penalties, prosecutors have said.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
