Advertisements
World

10 billion fined! After paying bribes to many countries for more than 10 years, the mining giant has made a big deal

Glencore, the international commodity trading giant, is on a roll.

On May 25, local time, the UK Serious Fraud Office (SFO) charged Glencore British Energy, a subsidiary of Glencore Group, with seven for-profit oil operations in Cameroon, Equatorial Guinea, Côte d’Ivoire, Nigeria and South Sudan. bribery and corruption cases for the purpose.

With the approval of Glencore’s executives, Glencore’s agents and employees paid more than US$25 million in bribes to local government officials to gain priority in local oil exploration and trade in Africa.

Glencore’s above-mentioned violations will be judged on June 21 by a London court in the United Kingdom.

At the same time, the Brazilian Federal Prosecutor’s Office charged Glencore with corruption, bribery of government officials, and executives of state-owned enterprises, involving Brazil’s state-controlled Petrobras and Petrobras.

In addition, the United States also disclosed two cases of bribery and market manipulation involving Glencore, in which the bribery case spanned ten years; and the market manipulation case was a manipulation involving Glencore’s U.S. commodity trading department. Action on U.S. oil benchmark prices.

According to foreign media reports, the Swiss-based company recently issued a statement saying that it is expected to pay 1.5 billion US dollars, or about 10 billion yuan, to reach a settlement with the governments of the United States, the United Kingdom and Brazil to end the relevant departments of the three countries. The company’s previous business involves investigations into bribery and market manipulation.

10 billion fined!After paying bribes to many countries for more than 10 years, the mining giant has made a big deal

Glencore is the world’s largest commodity trader, the world’s largest zinc producer, the third largest copper miner, and the largest cobalt supplier. It is not an exaggeration to be a commodity giant.

Since the beginning of this year, Glencore has frequently entered the attention of Chinese investors. In March, the “world nickel king” Tsingshan Holdings suffered an epic short squeeze on the London Metal Exchange (LME). A company insider denied it.

10 billion fined!After paying bribes to many countries for more than 10 years, the mining giant has made a big deal

A domestic commodity researcher said that in the field of commodities, bribery of traders is not uncommon. Only in the steel market, in order to get more goods and deliver goods quickly, traders often send gifts to relevant persons in steel mills, and it is difficult to verify such situations.

Public information shows that there are also many cases of unidentified incidents, and there are many well-known companies involved. For example, the 54% stake in Yajiang Snowway Mining, which was sold at a high price of 2 billion yuan on the Jingdong bankruptcy auction platform last week, includes the exploration rights of the Dechalongba lithium mine in western Sichuan, which is valued by all parties. Some media have found judicial documents from many years ago, indicating that some officials provided assistance for the violation of the exploration rights of Dehuanongba Lithium Mine and were sacked.

What is more well known to the market is that four years ago, four people including Hu Shitai, an Australian employee of the Shanghai office of iron ore giant Rio Tinto, were sentenced to 14 years in prison by the relevant Chinese court for committing the crime of accepting bribes by non-state staff and violating trade secrets. ranging from 7 years. The trial process of the case involved a number of small and medium-sized steel companies in China who paid bribes to Hu Shitai and others.

Leave a Response