Jersey-registered Glencore is now guilty of bribery in the US, and fines increase to $883 million
In the US, Glencore Plc [registered office at 13 Castle Street, St. Helier, Jersey, JE1 1ES (GLEN.L)) will pay $700 million following its guilty plea for a decade-long scheme to bribe foreign officials across several countries.
The US sentence follows the UK's SFOS fine of £280 million in November [see below]. The US sentence [FEB 2023] handed down by US District Judge Lorna Schofield in Manhattan federal court consisted of a $428.5 million fine and $272 million in forfeiture, in line with a plea deal reached last May between the mining and commodity trading giant and federal prosecutors in Manhattan.
Glencore's total penalty for bribes across at least eight countries totals over $883 million.
Glencore was sentenced and ordered to pay a total of £280 million in the UK in November following the SFO's investigation into bribes paid by the company across five African countries.
The fine is the largest overall penalty ever paid in the UK following a corporate criminal conviction and was the first use of the substantive bribery offence against a corporate defendant.
International partnerships are vital in tackling cross-border economic crime. The SFO worked in parallel with partner law enforcement agencies, including in the US, to reach these criminal resolutions against Glencore.
A three-year investigation by the SFO revealed how Glencore agents and executives paid $29 million in bribes for preferential access to oil across Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan between 2011 and 2016. Millions of dollars in cash were used to bribe local officials and government insiders, with some flown in on private jets.
The SFO's investigation into individual suspects continues. See the link below for further information.
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