Glencore to pay almost US$1.2 billion to settle bribery and market manipulation charges

By Keith Nuthall

Switzerland-based multinational mining and commodities trading group Glencore will pay almost US$1.2 billion in fines and penalties to the US, UK and Brazil for corrupt and dishonest trading, including bribing African officials and illicitly manipulating oil market prices. With prosecutorial investigations continuing in the Netherlands and Switzerland, Glencore said yesterday [24 May 2022] that it would set aside US$1.5 billion to settle all cases relating to this malpractice.