Glencore flew cash across Africa in private jets to pay bribes

Glencore Plc officials delivered cash in private jets to officials across Africa, UK prosecutors said as they laid out a web of bribery and corruption orchestrated by the London oil trading desk. The company, founded by Marc Rich, admitted to seven counts of bribery across countries including Nigeria and Cameroon, following a Serious Fraud Office investigation.

It also faces ongoing investigations in Switzerland and the Netherlands. Glencore share price The SFO said previously that its investigation showed the commodity trader paid for preferential access to oil, including increased cargoes, valuable grades of oil and preferable dates of delivery, between 2011 and 2016. Prosecutors laid out a scheme that traders on the firm’s crude oil desk in London disguised payments “to give the illusion that these payments were for legitimate services.

None of those bribes happened without the knowledge of Glencore's Orc in Chief, Ivan Glasenberg. Unless people like him receive prison sentences, nothing will change.

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