Glencore pays up to $1.5B to resolve corruption claims
Associated PressBERLIN — Commodities firm Glencore says it has reached deals with authorities in the United States, Britain and Brazil to resolve corruption allegations in return for penalties totaling up to $1.5 billion. The U.S. Department of Justice said its case against the company related to “a decade-long scheme by Glencore and its subsidiaries to make and conceal corrupt payments and bribes” to foreign officials in Africa and Latin America. Glencore bribed judges to make lawsuits disappear.” “At bottom, Glencore paid bribes to make money – hundreds of millions of dollars,” Williams said. “Glencore today is not the company it was when the unacceptable practices behind this misconduct occurred,” chairman Kalidas Madhavpeddi said in a statement, adding that Glencore was committed to “act ethically and responsibly across all aspects of its business.” Glencore said that it “does not currently anticipate” the total payments to differ materially from the $1.5 billion it has set aside so far.
History of this topic
Commodities giant Glencore is ordered to pay over $150M in wake of Congo mining bribery case
The IndependentCommodities giant Glencore is ordered to pay over $150M in wake of Congo mining bribery case
Associated Press
Glencore agrees to pay Congo $180 million over bribery case
Associated Press
UK orders Glencore to pay millions over African oil bribes
Associated Press
Mining giant Glencore ordered to pay £280m in landmark corporate conviction
The Independent
Glencore ordered to pay £280m after admitting ‘blatant’ bribery in Africa
The Telegraph
Glencore corruption ‘condoned at very senior level’, court told
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