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The Serious Fraud Office -v- Glencore Energy UK Ltd Sentencing Remarks of Mr Justice Fraser [3 November 2022]

08/11/2022

Glencore was indicted with seven counts under the Bribery Act 2010 (“the Bribery Act”).

Glencore pleaded guilty to all seven counts on 21 June 2022 before the Honorary Recorder of Westminster.

  • Counts 1 to 5 are offences of bribery, contrary to section 1 of the Bribery Act.
  • Counts 6 and 7 are offences of failure of a commercial organisation to prevent bribery, which is contrary to section 7 of the same Act. On 31 October 2022, the SFO was given permission to amend Count 5 to make a minor adjustment to the figure.

Glencore entered a guilty plea to that amended count on that day.

The facts of the offending have been explained in some detail by Ms Healy KC for the SFO in her opening of the case yesterday, and these are contained in the SFO document now publicly available called the Case Summary.

Those facts include material from Anthony Stimler, a former Glencore trader who has pleaded guilty to offences in the United States in relation to his involvement.

The identity of some individuals and two limited companies are anonymised in the Case Summary document due to reporting restrictions

The reasons for these reporting restrictions are more fully explained in a written judgment which is available at the National Archives at Serious Fraud Office v Glencore [2022] EWCR 1.

The individuals in question are currently under investigation by the SFO and no charges have been brought

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https://www.judiciary.uk/wp-content/uploads/2022/11/Sentencing-Remarks-Glencore.pdf

UNITED KINGDOM