Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Glencore sentenced to pay $700 million in US after bribery guilty plea

Published 02/28/2023, 11:59 AM
Updated 02/28/2023, 12:07 PM
© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann

By Luc Cohen

NEW YORK (Reuters) - A U.S. judge on Tuesday ordered Glencore (OTC:GLNCY) Plc to pay $700 million in connection with its guilty plea over a decade-long scheme to bribe foreign officials across several countries.

The sentence handed down by U.S. District Judge Lorna Schofield in Manhattan federal court consisted of a $428.5 million fine and $272 million in forfeiture, in line with a plea deal reached last May between the mining and commodity trading giant and federal prosecutors in Manhattan.

Prosecutors have said Glencore paid more than $100 million in bribes to officials in countries including Nigeria, Brazil, Venezuela and the Democratic Republic of the Congo to win business or avoid audits. 

    The fine is 15% below what U.S. sentencing guidelines recommend and reflects credit for Glencore's cooperation, including by providing documents that were located abroad and investing "significant resources" in improving ethics and compliance, prosecutors said.

© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann

    Overall, the Swiss-based multinational has said it expects to pay more than $1.5 billion to settle bribery and market manipulation accusations, including more than $1 billion in the United States. 

    Last year, Glencore was ordered to pay $341 million in fines and $144 million in forfeiture after pleading guilty to a market manipulation charge in Connecticut federal court.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.