2.7 C
London
Saturday, January 28, 2023

Glencore ‘to plead guilty’ over £20m bribery case in Africa

Must read

Memphis police bodycam shows Tire Nichols being beaten

IE 11 is not supported. For an optimal experience, please visit our site in a different browser.Post footage shows Memphis police detaining Nichols...

The 403-page Dungeons & Dragons game system is now licensed under Creative Commons • londonbusinessblog.com

It's now official: Dungeons & Dragons is licensed under the Creative Commons. This makes the popular tabletop role-playing game "freely available for any...

Atomos Secures $16 Million in Funding to Build Tugs in Space • londonbusinessblog.com

You may not have known that space needs tugs, but now you do - and Atomos Space has just completed a $16.2 million Series...

The FBI takes down the Hive ransomware network

The Justice Department announced this week that FBI agents successfully interrupted Hive, a notorious ransomware group, and prevented $130 million in ransom campaigns that...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

At a hearing at Westminster Magistrates’ Court on Tuesday, a UK subsidiary of the company – Glencore Energy (UK) Ltd – indicated it will plead guilty to the charges.

Glencore is also set to appear in a US court later where it will again admit guilt, according to the Wall Street Journal.

The London-listed miner has previously set aside 1.5 billion US dollars (£1.2 billion) to cover the investigations it faces in the US, the UK and Brazil.

“This significant investigation, which the Serious Fraud Office has brought to court in less than three years, is the result of our expertise, our tenacity and the strength of our partnership with the US and other jurisdictions,” said SFO director Lisa Osofsky.

“We won’t stop fighting serious fraud, bribery and corruption, and we look forward to the next steps in this major prosecution.”

The SFO’s investigators opened a corruption probe against Glencore in December 2019.

They claim to have exposed bribery and corruption in its oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan.

Lawyers for the fraud office will argue that Glencore’s agents and employees paid more than 25 million dollars (£20 million) in bribes to get preferential access to oil, and that the company approved it.

The UK charges, dated between July 2011 and April 2016, are brought under the Bribery Act 2010.

Two relate to failure of the organisation to prevent bribery, while the other five allege the company gave a financial advantage to another, with the intention of inducing officials to perform their functions improperly.

The charges allege the financial advantage amounted to more than six million US dollars and more than 15 million euros.

District Judge Michael Snow sent the case to Southwark Crown Court, with the next hearing scheduled for June 21.

Prior to appearing in court, Glencore said: “We expect to resolve our US, UK and Brazilian investigations this year; Glencore will appear in court in the United States and United Kingdom later today in connection with proposed resolutions of the relevant investigations.

“Glencore expects to issue an announcement following the conclusion of these court hearings.”

In the US, the miner or one of its subsidiaries is expected to plead guilty to violating the Foreign Corrupt Practices Act, sources told the Wall Street Journal.

It has also faced a market manipulation probe in the US.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Memphis police bodycam shows Tire Nichols being beaten

IE 11 is not supported. For an optimal experience, please visit our site in a different browser.Post footage shows Memphis police detaining Nichols...

The 403-page Dungeons & Dragons game system is now licensed under Creative Commons • londonbusinessblog.com

It's now official: Dungeons & Dragons is licensed under the Creative Commons. This makes the popular tabletop role-playing game "freely available for any...

Atomos Secures $16 Million in Funding to Build Tugs in Space • londonbusinessblog.com

You may not have known that space needs tugs, but now you do - and Atomos Space has just completed a $16.2 million Series...

The FBI takes down the Hive ransomware network

The Justice Department announced this week that FBI agents successfully interrupted Hive, a notorious ransomware group, and prevented $130 million in ransom campaigns that...

26% of US workers would rather have a root canal than follow these workplace policies

Opinions expressed by londonbusinessblog.com contributors are their own. According to a recent survey conducted by job site Monster, more than one in four (26%) US...