Glencore to Pay $320 Million to Settle Bribery Probe by UK's Serious Fraud Office
November 03 2022 - 9:27AM
Dow Jones News
By Ian Walker
Glencore PLC said Thursday that Glencore Energy UK Ltd. will pay
281 million pounds ($320.1 million) in financial penalty and costs
to settle the bribery probe by the U.K.'s Serious Fraud Office.
In May, the FTSE 100-listed commodity mining and trading company
said it would pay more than $1 billion to U.S. authorities, and
admitted wrongdoing, to resolve allegations of bribery and market
manipulation. At that time, Glencore also said it would plead
guilty to the U.K. bribery charge, which it did in June.
"The conduct that took place was inexcusable and has no place in
Glencore. The company is committed 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," Chairman Kalidas Madhavpeddi said.
Glencore said Thursday that it continues to cooperate with the
ongoing investigation by the Office of the Attorney General of
Switzerland.
Glencore previously said it has made a provision of $1.5 billion
to cover U.S., Brazilian and U.K. penalties.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
November 03, 2022 09:12 ET (13:12 GMT)
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