- As announced, Glencore has pleaded guilty to corruption in five African countries in the UK.
- Glencore Energy UK’s lawyers have admitted to multiple bribery cases before a judge.
- The company paid the funds to secure access to oil and to make illicit profits.
Investigations by Britain’s Serious Fraud Office (SFO) revealed that Glencore had paid more than $28 million to secure preferential access to oil, larger cargo, valuable oil grades and preferred delivery dates.
Just over a month ago, the SFO brought charges against the mining company in seven cases. Glencore announced in May that the company would plead guilty to all charges.
Daniel Balint-Kurti, an investigative journalist based in London, has done extensive research on the case. For him it is clear: “If Glencore had not pleaded guilty, but had been found guilty in court, the sentence would have been harsher. The justice system would definitely have been less forgiving.”
$400 million fines expected
The verdict against Glencore will be announced on November 2nd and 3rd, 2022, the SFO continued. Only then will it become clear how high the fine will be. Balint-Kurti expects around $400 million.
Glencore has also pleaded guilty in the USA and paid over a billion dollars. According to the investigative journalist, the company will be able to pay for this without suffering much. It’s a lot of money, but compared to a profit of more than $20 billion a year, it’s “peanuts”.