Glencore UK subsidiary admits bribery in Africa | Court News

The British-Swiss commodities giant has admitted paying more than $28 million in bribes to companies in five African countries between 2011-16.

The British unit of Anglo-Swedish commodities giant Glencore has formally pleaded guilty to seven counts of bribery related to oil operations in Cameroon, Equatorial Guinea, Côte d’Ivoire, Nigeria and South Sudan.

At a hearing at Southwark Crown Court in London on Tuesday, Glencore admitted to paying more than $28 million in bribes to secure priority access to oil – including increased cargoes and better delivery dates – and in 2011 Illegal profits were generated between 2016 and 2016.

Funding from the company are Societe Nationale des Hydrocarbures and Societe Nationale de Raffinage in Cameroon, as well as the Nigerian National Petroleum Corporation.

Britain’s Serious Fraud Office (SFO) said the Swiss-based multinational would make a ruling at a two-day hearing that began on November 2.

It has said it expects to pay up to $1.5 billion to settle charges of bribery and market manipulation, and three subsidiaries in the US, Brazil and the UK have now pleaded guilty to criminal offences.

U.S. authorities will see much of the money — along with allegations of trade — after Glencore last month agreed to a $1.1 billion settlement with the U.S. to resolve a decade-long scheme to bribe foreign officials in seven countries Separate allegations of sector manipulation of fuel oil prices at U.S. shipping ports.

Call for prosecution of senior managers

But the guilty plea of ​​a London corporate heavyweight is a much-needed boost for the SFO, which faces heavy criticism and awaits a government-ordered “forensic” review after a senior judge overturned two convictions in its Unaoil bribery probe. As a result, because the disclosure failed.

“SFO’s success with Glencore will certainly not protect it from any attack…” Syed Rahman, a partner at law firm Rahman Ravelli, told Reuters. “But its outcome in this case is an indicator of the agency’s ability to not err.”

Helen Taylor, a legal researcher at pressure group Spotlight on Corruption, urged the SFO to investigate and prosecute executives who condoned wrongdoing now.

The SFO only said its investigation of Glencore was continuing.

Glencore also paid $29.6 million directly to Brazil’s state-run oil company Petrobras to compensate the company for its fraud, as well as about $10 million in civil penalties to authorities, prosecutors said.

The company remains the subject of investigations in Switzerland and the Netherlands.

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