{"id":27570,"date":"2023-04-16T10:06:12","date_gmt":"2023-04-16T10:06:12","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes"},"modified":"2023-04-16T11:06:59","modified_gmt":"2023-04-16T11:06:59","slug":"glencore-ordered-to-pay-280m-over-african-bribes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes","title":{"rendered":"Glencore ordered to pay \u00a3280m over African bribes"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span><\/a>International commodity trading and mining company Glencore Energy has been ordered to pay \u00a3280m ($313m) in fines and confiscations orders today, after pleading guilty to seven counts of bribery relating to its oil operations in Africa.<\/p>\n

The confiscation order \u2013 when a convicted defendant is ordered to pay back criminally obtained assets \u2013 was \u00a393.48m ($104m) and the fine came to \u00a3182.94m.<\/p>\n

The company was also ordered to pay prosecution costs of \u00a34.55m. The sentencing follows discoveries made on Wednesday during Glencore\u2019s trial at Southwark Crown Court, London.<\/p>\n

Despite the verdict, the payout pales in comparison to Glencore\u2019s profit for 2021 of $21.3bn \u2013 83% higher than that in 2020 \u2013 due to <\/a>the rise in oil and gas costs globally.<\/p>\n

After the record profits were announced, the energy company paid a $4bn dividend to shareholders. The facts demonstrate not only sustained criminality but sophisticated devices to disguise it.
\nA Nigerian effort to claim compensation from Glencore over bribes paid to officials at Nigeria\u2019s state oil company was denied at the same London court last week.<\/p>\n

Passing sentence at the end of a two-day hearing, Justice Peter Fraser said: \u201cBribery was clearly part of the culture for some personnel on the West Africa desk.
\nIn addition, he said: \u201cthe facts demonstrate not only sustained criminality but sophisticated devices to disguise it, including drawing significant cash sums for other stated purposes that would be legitimate, such as the expenses of opening a new office, which was in reality used for corrupt purposes.
\nFor some of the charges, he said, \u201cisolated acts of bribery occurred on single occasions\u201d but that \u201cthe same techniques were used month after month, for the whole period covered by the relevant count in the indictment\u201d.<\/p>\n

During the trial, the UK Serious Fraud Office (SFO) showed that Glencore paid more than $28m \u2013 largely in cash \u2013 in bribes in Cameroon, Equatorial Guinea, Co\u0302te d\u2019Ivoire, Nigeria and South Sudan.<\/p>\n

The payments are said to have been made between 2011 and 2016 to secure lucrative contracts as well as preferential access to oil, increased cargoes, valuable grades of oil and better delivery dates.<\/p>\n

The sentencing comes just five months after Glencore Energy was ordered to pay $1.5bn to settle bribery and market manipulation charges in the US, UK and Brazil relating to its mining operations in DRC. By pleading guilty, Glencore avoided a lengthy trial, which may have exposed individuals involved in the bribery case.<\/p>\n

Except for one Glencore trader \u2013 Anthony Stimler, who confessed last year to distributing bribes on the company\u2019s behalf \u2013 other Glencore officials or individuals who benefitted from the bribes are not named in the court records.<\/p>\n

\u201cThe conduct that took place was inexcusable and has no place in Glencore,\u201d Kalidas Madhavpeddi, Glencore\u2019s chair, said in a statement.<\/p>\n

Glencore is \u201ccommitted to operating a company that creates value for all stakeholders by operating transparently under a well-defined set of values, with openness and integrity at the forefront.\u201d<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. International commodity trading and mining company Glencore Energy has been ordered to pay \u00a3280m ($313m) in fines and confiscations orders today, after pleading guilty to seven counts of bribery relating to its oil operations in Africa. The confiscation order \u2013 when a convicted defendant is ordered to pay back criminally obtained assets […]<\/p>\n","protected":false},"author":84,"featured_media":27569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[242,233,246,245],"class_list":["post-27570","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa","tag-africa-press","tag-africa-press-lesotho","tag-lesotho"],"yoast_head":"\nGlencore ordered to pay \u00a3280m over African bribes - Lesotho<\/title>\n<meta name=\"description\" content=\"International commodity trading and mining company Glencore Energy has been ordered to pay \u00a3 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glencore ordered to pay \u00a3280m over African bribes\" \/>\n<meta property=\"og:description\" content=\"International commodity trading and mining company Glencore Energy has been ordered to pay \u00a3 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-16T10:06:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-16T11:06:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2023\/04\/postQueueImg_1681626673.27.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"587\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Glencore ordered to pay \u00a3280m over African bribes\",\"datePublished\":\"2023-04-16T10:06:12+00:00\",\"dateModified\":\"2023-04-16T11:06:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes\"},\"wordCount\":507,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2023\/04\/postQueueImg_1681626673.27.jpg\",\"keywords\":[\"Africa\",\"Africa Press\",\"Africa Press-Lesotho\",\"Lesotho\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/glencore-ordered-to-pay-280m-over-african-bribes\",\"name\":\"Glencore ordered to pay \u00a3280m over African bribes - 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