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Glencore admits to divvying out more than $28 million in bribes to secure preferential access to oil. The UK Serious Fraud Office said the multinational’s sentence would be handed down in November.
Glencore said it expects to pay up to $1.5 billion to settle allegations of bribery and market manipulation. Three subsidiaries in the United States, Brazil, and Britain have now pleaded guilty to criminal offenses.
“The company still faces Swiss and Dutch investigations. But after sweeping changes that culminated in the exit of CEO and top shareholder Ivan Glasenberg in 2021, the November sentencing will wrap up a multinational inquiry that has weighed on the business for more than four years.”