Glencore group of companies
The Serious Fraud Office (SFO) is investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons.
In May 2022, the SFO charged Glencore Energy (UK) Ltd with seven counts of bribery in connection with its oil operations. In June 2022, Glencore was convicted on all charges after the company admitted to multiple counts of paying bribes to secure access to oil and generate illicit profit.
In November 2022, Glencore was sentenced to pay £280,965,092.95 million (over 400 million USD) including a fine, a confiscation order for the profit it obtained from bribes, and the SFO’s costs in full. The confiscation order was not only the largest ever for an SFO case, the total amount the company paid (£280 million) is the highest ever ordered in a corporate criminal conviction.
The SFO’s investigation into individuals at Glencore is ongoing.
Page published on 5 Dec 2019 | Page modified on 29 Aug 2023