WSJ News Exclusive | Glencore Set to Settle Corruption Charges in U.S.

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The global commodity company is also set to be charged in the UK

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The company said in a statement that it would appear in court in the UK and the US on Tuesday. A spokesperson declined to comment further. Britain’s Serious Fraud Office will accuse the company of bribery in a central London court on Tuesday, according to a person familiar with the matter.

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“Glencore will appear in court later today in connection with proposed proposals for relevant investigations in the United States and the United Kingdom,” the company said in its statement.

The Anglo-Swiss company will settle the Justice Department’s investigation and has revealed it plans to pay fines totaling $1.5 billion, an amount that also covers expected penalties in the UK and Brazil. Glencore has told shareholders that it faces criminal and civil investigations from the DOJ, the US Commodity Futures Trading Commission, the UK SFO and the Brazilian Federal Prosecutor’s Office.
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In addition to allegations of bribery, Glencore has also faced investigations into US market manipulation. A former Glencore oil trader pleaded guilty last year to conspiracy to manipulate fuel-oil benchmarks.

Several executives, including the former CEO of Glencore, who were in their roles during the period investigated by the authorities, have already left the company.

Former Chief Executive Officer Evan Glassenberg declined to comment.

The investigation decimated Glencore’s share price for several years and increased legal costs for the company. For example, legal costs reached $56 million for the first half of 2020.

Glencore is still under investigation by Brazilian, Swiss and Dutch authorities.

Write Dave Michaels at [email protected] and Alistair McDonald at [email protected]

Credit: www.wsj.com /

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