Saturday, November 26, 2022

Glencore to pay up to $1.5 billion for corruption

BERLIN ( Associated Press) — Commodities firm Glencore says it has struck deals with authorities in the United States, Britain and Brazil to resolve corruption complaints in exchange for penalties totaling up to $1.5 billion.

The Anglo-Swiss company said late Tuesday it will pay $700 million to settle a bribery investigation and $486 million for a market manipulation allegation.

Glencore said some $166 million in fines settled with the United States will be credited to a parallel investigation by Britain’s Serious Fraud Office, where it will plead guilty to bribery at a hearing next month.

On the other hand, the company will pay 40 million dollars to resolve a bribery case in Brazil.

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The US Justice Department said its case against the company is related to a “10-year plan by Glencore and its subsidiaries to make and conceal corrupt payments and bribes” to foreign officials in Africa and Latin America.

“The magnitude of this criminal bribery scheme is staggering,” said US Attorney Damian Williams. “Glencore paid bribes to obtain oil contracts. Glencore paid bribes to avoid government audits. Glencore bribed judges to make lawsuits go away.”

“Ultimately, Glencore paid bribes to make money, hundreds of millions of dollars,” Williams said. “And he did it with the approval and even the encouragement of his highest authorities.”

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Company President Kalidas Madhavpeddi said “Glencore is not today the company it was when the unacceptable practices behind this misconduct occurred.”

Glencore said it “does not currently anticipate” the total payments to differ materially from the $1.5 billion it has set aside so far.

The company is investigated in Switzerland and the Netherlands.

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