Glencore to Appear in Court in US, UK on Tuesday for Bribery Probes -- Update
May 24 2022 - 11:00AM
Dow Jones News
By Anthony O. Goriainoff and Jaime Llinares Taboada
Glencore PLC said Tuesday that it will appear in court in the
U.S. and the U.K. later today in connection with regulatory
investigations into allegations of bribery.
In 2018, London-listed Glencore said it received a subpoena from
the U.S. Department of Justice demanding records related to its
compliance with American anti-bribery and money-laundering laws in
Congo, Nigeria and Venezuela.
The company has also said investigations have been opened by the
U.S. Commodity Futures Trading Commission, the U.K.'s Serious Fraud
Office and the Brazilian Federal Prosecutor's Office. The probes
cover allegations related to bribery and market manipulation.
Back in February, the company made a provision of $1.5 billion
to cover these investigations. Chief Executive Gary Nagle said that
this was Glencore's "best estimate of what we believe the
settlement amount will be."
"While Glencore cannot forecast with certainty the cost, extent,
timing or terms of the outcomes of the investigations, the company
presently expects to resolve the U.S., U.K. and Brazilian
investigations in 2022," it said at the time.
Glencore said Tuesday that it will issue an announcement
following the conclusion of the court hearings.
Glencore operates mines and trades natural resources across the
world, a lucrative business considering today's high commodity
prices, which generated adjusted earnings of $21.3 billion last
year.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
May 24, 2022 10:45 ET (14:45 GMT)
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