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Africa: Anglo-Swiss Firm Glencore Pleads Guilty to Massive Bribery in Africa
allAfrica, 3 June 2022
On May 24, 2022 Swiss oil trading giant Glencore admitted to American justice that it had paid nearly one hundred million dollars in bribes to officials and public agents in eight… Read more »
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South Africa: Glencore to Pay U.S.$1.1 Billion Fine After Pleading Guilty to Graft and Market Manipulation
Daily Maverick, 25 May 2022
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… Read more »
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Nigeria: Swiss Firm Named in Massive Bribery of NNPC Officials Pleads Guilty
Premium Times, 26 May 2022
Glencore, which bribed officials in Nigeria and in other African countries, was fined $1.1 billion. Read more »
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Nigeria: Use $1.2 Billion Glencore Fine to Empower Africans, Group Tells U.S.
Premium Times, 30 May 2022
Glencore's penalties to the U.S. for bribing officials in Nigeria and other countries, and for manipulating commodity prices will total approximately USD1.2 billion. Read more »
Swiss Multinational Admits to Massive Bribery in Africa
On May 24, 2022 Swiss oil trading giant Glencore admitted to a U.S. court via virtual link, that it had paid nearly one hundred million dollars in bribes to officials and public agents in eight countries around the world. In Africa the goal was to obtain and retain contracts with public and state-controlled entities in the West African countries of Nigeria, Cameroon, Côte d'Ivoire, and Equatorial Guinea.
In some countries these admissions are causing a stir, but not so much in Cote d'Ivoire, where Glencore admits it bribed oil sector officials with up to U.S.$4 million between 2007 and 2010, during Laurent Gbagbo's presidency. According to the Swiss trader, Glencore made U.S.$30 million in profits, on the purchase of oil shipments. It is not known which officials benefited from these bribes.
In July 2021 a Premuim Times report detailed how a former UK-based trader for Glencore Plc, Anthony Stimler, bribed officials in Nigeria in exchange for favourable contracts from the Nigerian National Petroleum Corporation, NNPC.
Helen Clark, the president of the Extractive Industries Transparency Initiative (ITIE) is calling on Côte d'Ivoire, Cameroon, the DR Congo and Nigeria to examine these cases, and to intervene quickly.
