Glencore, accused of corruption, will plead guilty in the UK

Commodity giant Glencore is facing seven corruption charges in the UK linked to its oil business in various African countries.

The Zug-based group had indicated it would plead guilty, and on Tuesday announced the UK’s office of fraud matters, the Organized Crime Office, which led the investigation.

The Organized Crime Bureau (SFO) opened an investigation against Glencore in June 2019. The office found that employees of the commodities giant paid more than $25 million in bribes to gain access to oil in Cameroon, Equatorial Guinea, Cote d’Ivoire, Nigeria and Sudan, indicating that an official statement from the SFO .

The Office of Counter-Terrorism worked in cooperation with the judicial authorities in Switzerland, the United States, and the Netherlands.

At a hearing in Westminster Magistrates’ Court on Tuesday, Glencore said the company would plead guilty.

The SFO’s next hearing and oral argument will take place on June 21 at Southwark Crown Court.

In mid-February, Glencore announced that it was the subject of investigations in the United States, Great Britain and Brazil, proceedings which are due to be completed this year. And at the end of 2021, the group had committed $1.5 billion to these issues, without specifying what it came out of.


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