Glencore to pay $700 million for bribes
2023.02.28 13:11
Glencore to pay $700 million for bribes
By Kristina Sobol
Budrigannews.com – Glencore (OTC:) was given a Tuesday order by a US judge. In connection with its guilty plea regarding a decade-long scheme to bribe foreign officials in multiple nations, Plc will pay $700 million.
In accordance with the terms of a plea agreement that was reached in May of last year between the mining and commodity trading giant and federal prosecutors in Manhattan, the sentence that was handed down by U.S. District Judge Lorna Schofield in federal court in Manhattan consisted of a fine of $428.5 million and a forfeiture of $272 million.
Prosecutors claim that Glencore bribed officials in Nigeria, Brazil, Venezuela, and the Democratic Republic of the Congo for more than $100 million in order to win business or avoid audits.
According to prosecutors, Glencore’s cooperation was acknowledged by paying a fine that is 15% lower than what is recommended by U.S. sentencing guidelines and by investing “significant resources” in enhancing ethics and compliance.
The multinational corporation with its headquarters in Switzerland has stated that it anticipates paying more than $1 billion in the United States to settle allegations of bribery and market manipulation.
After pleading guilty to a charge of market manipulation in federal court in Connecticut, Glencore was ordered to pay $341 million in fines and $144 million in forfeiture that year.
