Future Of British Business
Glencore Ordered to Pay £276 Million Over African Bribes
- London judge says bribery was part of Glencore’s culture
- Penalty includes fine and £93 million confiscation order
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Glencore Plc was hit with a £276 million ($311 million) penalty by a London judge after pleading guilty to coordinating a sprawling effort to bribe government officials for access to oil cargoes across Africa.
The commodities trading giant admitted to seven counts of bribery across five countries including Nigeria and Cameroon, following a long-running Serious Fraud Office investigation. Prosecutors focused in on the firm’s London trading desk, saying Glencore’s traders and executives paid more than $28 million in bribes to secure access to oil cargoes between 2011 and 2016.