Bribery: Swiss firm fined $1.1bn in US

Swiss mining and commodities trading firm, Glencore, has conceded to pay over $1.1 billion in the United States for various infractions.

The crimes include paying bribes to several African countries to get mouth-watering crude oil purchase contracts.

A Department of Justice (DoJ) press release said that between approximately 2007 and 2018, Glencore and its subsidiaries caused approximately $79.6 million in payments to be made to intermediary companies.

It stated that this was done to secure “improper advantages” to obtain and retain business with state-owned and state-controlled entities in the West African countries of Nigeria, Cameroon, Ivory Coast, and Equatorial Guinea.

“Glencore concealed the bribe payments by entering into sham consulting agreements, paying inflated invoices, and using intermediary companies to make corrupt payments to foreign officials.

“For example, in Nigeria, Glencore and Glencore’s U.K. subsidiaries entered into multiple agreements to purchase crude oil and refined petroleum products from Nigeria’s state-owned and state-controlled oil company.

“Glencore and its subsidiaries engaged two intermediaries to pursue business opportunities and other improper business advantages, including the award of crude oil contracts while knowing that the intermediaries would make bribe payments to Nigerian government officials to obtain such business.

“In Nigeria alone, Glencore and its subsidiaries paid more than $52 million to the intermediaries, intending that those funds be used, at least in part, to pay bribes to Nigerian officials,” the Justice Department stated.



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