Serious Fraud Office secures Glencore conviction on seven counts of international bribery
21 June, 2022 | News Releases
Glencore Energy (UK) Ltd has today been convicted on all charges of bribery brought against it by the Serious Fraud Office (SFO). At Southwark Crown Court, the company admitted to multiple counts of paying bribes to secure access to oil and generate illicit profit.
The SFO’s investigation exposed that Glencore, via its employees and agents, paid bribes of over $28 million for preferential access to oil, including increased cargoes, valuable grades of oil and preferable dates of delivery. These actions were approved by the company across its oil operations in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea and South Sudan.
Glencore will be sentenced on 2nd and 3rd November his year.
Notes to editors:
- The Serious Fraud Office fights complex financial crime to deliver justice and protect the UK’s reputation as a safe place to do business. We investigate and prosecute the most serious or complex cases of fraud, bribery and corruption.
- The guilty pleas were entered at the Plea and Trial Preparation Hearing in front of the Recorder of Westminster HHJ Taylor.
- The SFO has worked in parallel with the US and collaboratively with the Dutch and Swiss prosecutors on its investigation.
- Operation Azoth is an investigation into the UK based subsidiary of Glencore, Glencore UK Ltd and its 100% owned subsidiary Glencore Energy (UK) Ltd, in relation to oil trading and related activities.
- Glencore has been convicted of seven counts of bribery under the Bribery Act 2010, five substantive charges under Section 1 and two under the corporate failure to prevent bribery offence, section 7.
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