Future Of British Business
Glencore Flew Cash for Bribes Across Africa in Private Jets
- Two day SFO sentencing hearing begins in London court
- A judge will decide final fine against Glencore on Thursday
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Glencore Plc officials delivered cash in private jets to agents across Africa, UK prosecutors said as they laid out a web of bribery and corruption orchestrated by the London oil trading desk.
The company, founded by Marc Rich, admitted to seven counts of bribery across countries including Nigeria and Cameroon, following a Serious Fraud Office investigation. Prosecutors said the company paid more than $28 million in bribes to secure access to oil cargoes. It marks the first time a corporate has been convicted for paying bribes, according to the SFO.