Read Time: 2 minutes
Bloomberg: Glencore Ordered to Pay $700 Million by US Judge in Bribery Case
By Bob Van Voris
(Bloomberg) — Glencore Plc was ordered by a federal judge
in New York to pay $700 million as a criminal punishment for a
global bribery scheme orchestrated by the Swiss-based commodities trading and mining giant.
US District Judge Lorna G. Schofield on Tuesday imposed the sentence under terms of a plea deal with prosecutors, which was preceded by Glencore pleading guilty in May to a single count of conspiring to violate the Foreign Corrupt Practices Act. The company must pay a fine of $428.5 million and $272.2 million in criminal forfeiture.
The penalty is part of the $1.5 billion Glencore agreed to
pay to resolve bribery and market-manipulation probes in the US, UK and Brazil. Glencore units agreed to plead guilty to a list of charges ranging from bribery and corruption in South America and Africa, to price manipulation in US fuel-oil markets.
Prosecutors claimed Glencore paid more than $100 million in
bribes to government officials in Brazil, Nigeria, the Democratic Republic of the Congo and Venezuela. They said Glencore made $315 million from the scheme.
On Monday, Schofield ruled Glencore must pay $29.6 million to the founders of a company that provided healthcare services in 11 African countries, but was forced to shut down. Crusader
Health claimed it was driven out of business after Glencore
bribed a public official in the Democratic Republic of the Congo to throw out a lawsuit brought by Crusader against a Glencore subsidiary.
In September, the commodity firm was sentenced in Connecticut to pay $486 million in fines and forfeitures in a case in which Glencore admitted conspiring to manipulate oil-price benchmarks. In November, a London judge imposed a £276
million ($333 million) penalty for Glencore’s effort to bribe
government officials for access to oil cargoes across Africa.
The case is US v. Glencore, 22-cr-00297, US District Court,
Southern District of New York (Manhattan).
To contact the reporter on this story:
Bob Van Voris in federal court in Manhattan at
rvanvoris@bloomberg.net
To contact the editors responsible for this story:
Anthony Lin at alin364@bloomberg.net
Steve Stroth
Not sure if a secured loan is right for you? Explore the benefits, such as more favourable terms and increased flexibility.
Thinking about a secured loan to manage your debts? Explore your choices and see what solutions may be available to you.
Discover how a secured loan can help you obtain the money you need without parting with your home. Compare lenders and tailor a plan that fits your needs.