Glencore International A.G. (Glencore) and Glencore Ltd., both part of a multi-national commodity trading and mining firm headquartered in Switzerland, each pleaded guilty today and agreed to pay over $1.1 billion to resolve the government’s investigations into violations of the Foreign Corrupt Practices Act (FCPA) and a commodity price manipulation scheme.
According to the British Serious Fraud Office (SFO), company agents and employees paid bribes worth over $25m for preferential access to oil in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan. All, with Glencore’s approval between 2011 and 2016.
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