Glencore reaches coordinated resolutions with US, UK and Brazilian authorities – by Staff (Northern Ontario Business – May 25, 2022)

Mining company has made substantial investments to enhance its Ethics and Compliance Programme

Glencore has resolved the previously disclosed investigations by authorities in the United States, the United Kingdom and Brazil into past activities in certain Group businesses related to bribery, and separate US investigations related to market manipulation. Glencore cooperated with these investigations.

Under the terms of the US resolutions, Glencore will pay penalties of $700,706,965 to resolve bribery investigations and $485,638,885 to resolve market manipulation investigations by the Department of Justice (“DOJ”) and the Commodity Futures Trading Commission (“CFTC”).

Of this amount, up to $165,930,959 will be credited against other, parallel matters, including in the UK, so that the net amount payable to the US authorities is expected to be $1,020,414,891.

Glencore has further agreed to pay $39,598,367 under a resolution signed with the Brazilian Federal Prosecutor’s Office (“MPF”) in connection with its bribery investigation into the Group. Glencore Energy UK Limited has also today indicated that it will plead guilty to charges brought by the UK Serious Fraud Office (“SFO”) in respect of its bribery investigation.

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