Glencore Pleaded Guilty Over Decade-Long Global Bribery Scheme

Summary

In May 2022, Glencore International AG pleaded guilty in the United States to conspiracy to violate the Foreign Corrupt Practices Act after admitting involvement in a decade-long bribery scheme used to obtain and retain business in multiple countries. U.S. prosecutors said that between 2007 and 2018, Glencore and its subsidiaries caused approximately $79.6 million in payments to intermediaries, intending that those funds be used to bribe foreign officials. The conduct involved countries including Nigeria, Cameroon, Ivory Coast, Equatorial Guinea, Brazil, Venezuela and the Democratic Republic of Congo. Prosecutors said bribes were used to secure oil contracts, obtain preferential treatment, avoid government audits and resolve disputes. U.S. Department of Justice – Glencore guilty plea: https://www.justice.gov/archives/opa/pr/glencore-entered-guilty-pleas-foreign-bribery-and-market-manipulation-schemes The DOJ described the misconduct as pervasive, spanning more than a decade and involving high-level Glencore employees and agents. Glencore agreed to approximately $700 million in criminal penalties and forfeiture for the bribery case and accepted a three-year independent compliance monitor. In the UK, Glencore Energy UK Limited separately pleaded guilty to five counts of bribery and two counts of failing to prevent bribery. The Serious Fraud Office said more than $25 million in bribes had been paid for preferential access to oil. The company was ordered to pay approximately £280 million in penalties, confiscation and costs. UK Serious Fraud Office – Glencore case: https://www.gov.uk/sfo-cases/glencore-group-of-companies Glencore acknowledged the historical misconduct and subsequently said it had strengthened its ethics and compliance program, refreshed management and invested substantially in remediation. Glencore – company statement: https://www.glencore.com/media-and-insights/news/glencore-reaches-coordinated-resolutions-with-us-uk-and-brazilian-authorities Key facts: Glencore pleaded guilty; the scheme operated from 2007–2018 across multiple countries; senior employees and agents were involved; coordinated resolutions were reached with U.S., UK and Brazilian authorities; and substantial financial penalties and independent compliance monitoring followed.