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Glencore’s Bribes to Win Bids Paid Profits Many Times Over

  • Traders used code words like newspapers, chocolates for bribes
  • Firm to pay about $1.5 billion to settle probes by 3 nations

Using code words for bribes like “newspapers” and “chocolates,” Glencore Plc executives got a terrific rate of return on corrupt payments in Africa and Latin America.

By paying $52 million in bribes to officials in Nigeria from 2007 to 2018, the Swiss commodities firm earned profits of $124 million, according to the US Justice Department. In Cameroon, the return was even better, as $21 million in bribes generated $67 million in profits. For the company’s work in the Ivory Coast, a $4 million investment led to $30 million in profits.