Glencore Agrees to Joint Settlements on Foreign Bribery and also Pleads Guilty to Manipulating Price of Fuel Oil at U.S. Ports

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Thursday, May 26, 2022
Bruce Zagaris

 On May 24, 2022, Glencore International A.G. (Glencore) and Glencore Ltd., both part of a multinational commodity trading and mining company headquartered in Switzerland, each pleaded guilty and agreed to pay $1.1 billion to resolve the U.S. government’s investigations into violations of the Foreign Corrupt Practices Act (FCPA) and a commodity (i.e., fuel oil) price manipulation scheme.  The guilty pleas in the U.S. are part of coordinated resolutions with criminal and civil authorities in the United Kingdom and Brazil.[1]

[1]    United States Department of Justice, Glencore  Entered Guilty Pleas to Foreign Bribery and Market Manipulation Schemes Swiss-Based Firm Agrees to Pay Over $1.1 Billion, May 24, 2022.