The U.S. Department of Justice announced Tuesday that mining giant Glencore is to pay more than a billon dollars after bribery investigations.
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Speaking in Washington, U.S. Attorney General Merrick Garland said Glencore agreed to plea guilty to charges in two separate districts and two separate criminal cases and will result in the DOJ’s “largest criminal enforcement action to date for a commodity price manipulation conspiracy in oil markets.”
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Garland said Glencore agreed to pay approximately $700 million in penalties for bribing foreign officials in seven different countries. He said the second plea involves Glencore’s U.S. commodities trading arm, Glencore Limited, which engaged in a scheme to manipulate fuel oil prices at two of the busiest commercial shipping ports in the United States over the course of eight years. In that case, Garland said Glencore has agreed to pay approximately $485 million in penalties.
The company announced it had reached agreements with authorities in the US, UK and Brazil who were investigating claims of bribery and market manipulation.
As part of the plea agreements with the DOJ, Glencore said an independent compliance monitor will be appointed for three years “to assess and monitor the company’s compliance with the agreements and evaluate the effectiveness of its compliance program and internal controls”.