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Glencore Pleads Guilty to Decade of Bribery and Manipulation

  • Glencore announces coordinated settlements with US, UK, Brazil
  • Company expects to pay about $1.5 billion to settle probes
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WATCH: Glencore will pay about $1.5 billion and admitted to bribery and market manipulation to settle US, UK, and Brazilian probes.Source: Bloomberg
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Glencore Plc admitted to bribery and market manipulation and said it will pay about $1.5 billion to settle US, UK and Brazilian probes that have hung over the commodities giant for years.

The settlements will help remove a question mark that has long overshadowed the trader’s business. But the charges and admissions of guilt paint a damning, globe-spanning picture of how far the company, founded by U.S. fugitive Marc Rich, has been willing to go in pursuit of profit.