South Africa: Glencore to Pay U.S.$1.1 Billion Fine After Pleading Guilty to Graft and Market Manipulation

Pixabay
Corruption
25 May 2022
Daily Maverick (Johannesburg)
analysis By Ed Stoddard

Question: What happens when you take a commodity giant based in the tax haven of Switzerland and let it loose on corrupt and failing African states like Equatorial Guinea and the Democratic Republic of Congo? Answer: The excrement is bound to hit the aircon.

Glencore, a mining and commodity colossus, has finally faced up to allegations that it embarked on foreign bribery and market manipulation schemes on a grand scale.

"Glencore International AG (Glencore) and Glencore Ltd, both part of a multinational 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," the US Department of Justice (USDJ) said in a statement on Tuesday.

You can read the full statement here.

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The rap sheet is long and contains a rogue's gallery of corrupt governments and failing states.

But the biggest rogue of all in this crowd is Glencore, which has been caught with its grubby paws in a massive cookie jar.

"The charges in the FCPA...

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