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Glencore Bribery Cases Draw in Billionaire Former Executives

  • US filings allege that top traders were involved in corruption
  • Among them is Glencore’s former global head of oil Alex Beard
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WATCH: Glencore will pay about $1.5 billion and admitted to bribery and market manipulation to settle probes. Jack Farchy reports.Source: Bloomberg

The US corruption and market manipulation cases against Glencore Plc include allegations about the conduct of two former executives who formed part of the inner circle of the trading house’s top management for over a decade -- and walked away as billionaires.

The US government did not bring any charges against top Glencore managers in the sweeping cases against Glencore to which the company pleaded guilty last week. But in legal documents on Tuesday, the US said that two former top Glencore executives, one of whom is identified as the “global head of the oil group” and the other as a Greek and UK citizen who was a “senior executive” in the copper and zinc department, were personally involved in corruption.