Business Maverick: Glencore Ordered to Pay £276 Million Over African Bribes

The commodities trading giant admitted to seven counts of bribery across five countries including Nigeria and Cameroon, following a long-running Serious Fraud Office investigation. Prosecutors focused in on the firm’s London trading desk, saying Glencore’s traders and executives paid more than $28 million in bribes to secure access to oil cargoes between 2011 and 2016.

“The conduct that took place was inexcusable and has no place in Glencore,” Kalidas Madhavpeddi, Glencore’s chair, said in a statement. It’s “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.”

Source: News Formal (newsformal.com)

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