The Anglo-Swiss trading giant and subsidiary of mining Glencore has formally pleaded guilty to seven counts of bribery involving oil operations across five African countries on Tuesday.
Glencore Energy admitted to paying over $28 million in bribes to acquire preferential access to oil, including increased cargoes, preferred delivery dates, and generating illicit profit between 2011 and 2016 at a hearing in Southwark Crown Court in London.
In a news release, the UK’s Serious Fraud Office said Glencore Energy paid bribes to Nigeria, Cameroon, Equatorial Guinea, Ivory Coast, and South Sudan.
Deutsche Welle reported that Glencore said it ‘expected’ to pay approximately $1.5 billion to resolve other bribery investigations in the US, UK, and Brazil and has also agreed to pay around $40 million to settle bribery allegations in Brazil.
Glencore Energy will get a verdict along with the financial penalty that the company will pay at a two-day hearing scheduled for November 2 to 3 this year.
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