Glencore Energy Reaches £280.97 Mln Settlement To Resolve Probe By UK Serious Fraud Office
(RTTNews) - Glencore Energy UK ltd., the U.K. subsidiary of Glencore plc (GLCNF.PK, GLNCY.PK, GLEN.L), announced Thursday it has fully resolved investigation by UK authorities and will pay financial penalty and costs of £280,965,092.95 in respect of the previously announced resolution of the UK Serious Fraud Office (SFO) investigation.
The penalty was determined by the Southwark Crown Court, where the company previously admitted to five counts of bribery and two counts of failure to prevent bribery under the UK Bribery Act 2010.
The settlement is part of previously announced coordinated resolutions of investigations by authorities in the US, UK and Brazil into past activities in certain Group businesses related to bribery, and separate US investigations related to market manipulation.
The aggregate payments to resolve the UK, US and Brazilian investigations do not differ materially from the $1.5 billion provision recorded in Glencore's fiscal 2021 results.
Glencore noted that it continues to cooperate with a previously disclosed and ongoing investigation by the Office of the Attorney General of Switzerland (OAG) into Glencore International AG for failure to have the organisational measures in place to prevent alleged corruption, and an investigation of similar scope by the Dutch Public Prosecution Service.
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