cloudyn.png
Sunday September 25th, 2022 6:59AM

Glencore pays up to $1.5B to resolve corruption claims

By The Associated Press

BERLIN (AP) — Commodities firm Glencore says it has reached deals with authorities in the United States, Britain and Brazil to resolve corruption allegations in return for penalties totaling up to $1.5 billion.

The Anglo-Swiss company said late Tuesday that it will pay $700 million to resolve a U.S. bribery probe and a further $486 million in connection with allegations of market manipulation.

Glencore said that about $166 million in fines agreed with the U.S. authorities will be credited to a parallel investigation by the U.K. Serious Fraud Office, where it has indicated that it will plead guilty to bribery at a hearing next month.

Separately, the company is paying $40 million to resolve a bribery probe in Brazil.

The U.S. Department of Justice said its case against the company related to “a decade-long scheme by Glencore and its subsidiaries to make and conceal corrupt payments and bribes” to foreign officials in Africa and Latin America.

“The scope of this criminal bribery scheme is staggering,” U.S. Attorney Damian Williams for the Southern District of New York was quoted as saying. “Glencore paid bribes to secure oil contracts. Glencore paid bribes to avoid government audits. Glencore bribed judges to make lawsuits disappear.”

“At bottom, Glencore paid bribes to make money – hundreds of millions of dollars,” Williams said. “And it did so with the approval, and even encouragement, of its top executives.

“Glencore today is not the company it was when the unacceptable practices behind this misconduct occurred,” chairman Kalidas Madhavpeddi said in a statement, adding that Glencore was committed to “act ethically and responsibly across all aspects of its business.”

Glencore said that it “does not currently anticipate” the total payments to differ materially from the $1.5 billion it has set aside so far.

The company remains subject of investigations in Switzerland and the Netherlands.

  • Associated Categories: Associated Press (AP), AP World News, AP Business, AP Business - Corporate News
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Live updates | Ukraine: Russian shelling kills 6 civilians
A regional governor in eastern Ukraine says at least six civilians have been killed by the latest Russian shelling
3:39AM ( 30 minutes ago )
Saving the children: War closes in on eastern Ukrainian town
Chunks of twisted metal and wood splinters lie among the swings and slides in the playground outside the bombed-out school
3:39AM ( 31 minutes ago )
Sale of Chelsea by sanctioned Abramovich approved by UK govt
Roman Abramovich’s 19-year ownership of Chelsea is ending after the British government approved the sale of the Premier League club by the sanctioned Russian oligarch to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly
3:22AM ( 47 minutes ago )
Associated Press (AP)
Scars of war seem to be everywhere in Ukraine after 3 months
No matter where Ukrainians live, the 3-month-old war never seems to be far away
2:48AM ( 1 hour ago )
1.1 million Afghan children could face severe malnutrition
In Afghanistan, 1.1 million children under the age of 5 will likely face the most severe form of malnutrition this year, according to the U.N., as increasing numbers of hungry, wasting-away children flow into hospital wards
2:46AM ( 1 hour ago )
UK govt approves sale of Chelsea by sanctioned Abramovich
Roman Abramovich’s 19 years as Chelsea owner is closer to ending after the British government approved the sale of the Premier League club by the sanctioned Russian oligarch to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly
2:36AM ( 1 hour ago )
AP Business
Live updates | Russia-Ukraine War
The Russian parliament has given preliminary approval to a bill that would allow the government to appoint new management of foreign companies that pulled out of Russia after its invasion of Ukraine
9:49PM ( 6 hours ago )
US safety, savings rules set stage for baby formula shortage
A massive recall is getting most of the blame for the U.S. baby formula shortage, but experts say the products have long been vulnerable to this type of crisis
8:49PM ( 7 hours ago )
Social media hammered by mounting questions over advertising
Social media has had a rough 2022 with lingering questions about advertising spending and a $44 billion takeover of Twitter that may or may not be happening, depending on which Elon Musk tweet you read
7:42PM ( 8 hours ago )
AP Business - Corporate News
Live updates | Ukraine: Russian shelling kills 6 civilians
A regional governor in eastern Ukraine says at least six civilians have been killed by the latest Russian shelling
3:39AM ( 30 minutes ago )
Saving the children: War closes in on eastern Ukrainian town
Chunks of twisted metal and wood splinters lie among the swings and slides in the playground outside the bombed-out school
3:39AM ( 31 minutes ago )
Sale of Chelsea by sanctioned Abramovich approved by UK govt
Roman Abramovich’s 19-year ownership of Chelsea is ending after the British government approved the sale of the Premier League club by the sanctioned Russian oligarch to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly
3:22AM ( 47 minutes ago )
Pederson hits 3 HRs, drives in 8 as Giants stun Mets 13-12
Joc Pederson homered three times and drove in a career-high eight runs, including a tying single with two outs in the ninth inning, and the San Francisco Giants outslugged the New York Mets 13-12 in one of the wildest games imaginable
3:09AM ( 1 hour ago )
Pfizer to offer low-cost medicines, vaccines to poor nations
Pfizer says it will provide nearly two dozen products at not-for-profit prices in some of the world’s poorest countries
3:05AM ( 1 hour ago )