Swiss mining giant Glencore (GLEN) has paid $1.5 billion U.S. in penalties to resolve corruption
charges brought against it by authorities in America, Britain and Brazil.
The Anglo-Swiss mining and commodities trading company said that it will pay $700 million U.S.
to resolve a U.S. bribery probe and $486 million U.S. in connection with allegations of market
manipulation.
Glencore said that about $166 million U.S. in fines agreed with the U.S. authorities will be
credited to the U.K. Serious Fraud Office, where it has indicated that it will plead guilty to bribery
at a hearing scheduled for June.
Separately, the company is paying $40 million U.S. to resolve a bribery probe in Brazil.
The U.S. Department of Justice said that its case against the company related to “a decade-
long scheme by Glencore and its subsidiaries to make and conceal corrupt payments and
bribes” to foreign officials in Africa and Latin America.
Glencore said that it “does not currently anticipate” the total payments to differ materially from
the $1.5 billion U.S. it has set aside so far. The company is still under investigation in
Switzerland and the Netherlands.
Year to date, Glencore’s stock is up 34% amid surging commodity prices to 517.85 British
pounds per share.
