Glencore ‘to confess’ fees associated with alleged $25m bribes for oil contracts | Industry Information

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A courtroom has heard {that a} unit of FTSE 100 mining and commodities dealer Glencore plans to plead accountable to bribery fees similar to grease contracts in Africa.

The Critical Fraud Place of work (SFO) charged Glencore Power (UK) Ltd with seven offences and stated, following a listening to at Westminster Magistrates’ Court docket, that the corporate had indicated that it could admit them.

The fees practice an SFO investigation which started in December 2019.

It claims to have uncovered bribery and corruption in its oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan, with the corporate’s brokers and staff paying greater than $25m (£20m) in bribes to safe preferential get right of entry to to grease.

The SFO additional alleges that the corporate licensed the task.

Glencore, whose representatives additionally gave the impression in courtroom in the US on Tuesday, had stated in February it could
put aside $1.5bn for investigations into bribery and marketplace manipulation when it comes to a few of its operations within the
Democratic Republic of Congo, Nigeria and Venezuela.

On the listening to in London, District Pass judgement on Michael Snow despatched the case to Southwark Crown Court docket for an extra listening to which is scheduled to happen in a month’s time.

SFO director Lisa Osofsky stated afterwards: “This crucial investigation, which the Critical Fraud Place of work has delivered to courtroom in lower than 3 years, is the results of our experience, our tenacity and the power of our partnership with america and different jurisdictions.

“We may not prevent preventing critical fraud, bribery and corruption, and we sit up for the following steps on this primary prosecution.”

Glencore, which is based totally in Switzerland, used to be but to remark but it surely had in the past stated that it could free up a commentary following the hearings.

It informed traders previous on Tuesday that it anticipated to get to the bottom of the criminal court cases.

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