Glencore International AG and Glencore Ltd, a Swiss-headquartered international miner and commodities trader, pleaded guilty this week to charges of bribing foreign officials and engaging in an oil market manipulation scheme.
As a result, Glencore has agreed to pay more than US$1.1 billion in criminal fines and forfeiture of all of its estimated profits.
The guilty pleas are part of a coordinated resolution with criminal and civilian authorities in the U.S., the United Kingdom and Brazil. It’s the culmination of a global, five-year investigation involving the U.S. Department of Justice (DOJ), FBI, U.S. Postal Inspection Service, the U.S. Attorney Office for the Southern District of New York and Connecticut in coordination with the United Kingdom’s Serious Fraud Office and the Brazilian Public Prosecutor’s Office.
