Tuesday, June 21, 2022

Glencore Guilty of Corruption

 A British subsidiary of Anglo-Swiss commodities giant Glencore has formally pleaded guilty to seven counts of bribery in connection with oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan.

Glencore Energy admitted to paying more than $28m in bribes to secure preferential access to oil – including increased cargoes and preferable dates of delivery – and generate illicit profit between 2011 and 2016.

Glencore is also paying $29.6m directly to state-run Brazilian oil company Petrobras in compensation for defrauding the company and roughly $10m to authorities in civil penalties, prosecutors have said.

Helen Taylor, a legal researcher at pressure group Spotlight on Corruption, urged authorities to now investigate and prosecute senior executives who had condoned the wrongdoing.

Glencore UK subsidiary pleads guilty to bribery in Africa | Courts News | Al Jazeera

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