div classBodysc17zpet90 cdBBJodivpBy Clara Denina and Kirstin Ridleyp
pLONDON Reuters – A British subsidiary of Glencore Plc will plead guilty to seven counts of bribery in London in connection with its oil operations as the commodity trading giant starts resolving a string of investigations that have spanned the Atlantic.pdivdivdiv classBodysc17zpet90 cdBBJodiv
pThe UK Serious Fraud Office SFO, which opened a corruption investigation codenamed Operation Azoth in 2019, said on Tuesday it had exposed “profitdriven bribery and corruption” across oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan.p
pGlencore Energy UK Ltd, which indicated it would plead guilty to all charges at a hearing at London‘s Westminster Magistrates’ Court, will be sentenced on June 21.p
pThe SFO, which said it worked in parallel with U.S. peers and with Dutch and Swiss prosecutors, alleges that Glencore agents and employees paid bribes worth over 25 million for preferential access to oil, with approval by the company.p
p“This significant investigation, which the Serious Fraud Office has brought to court in less than three years, is the result of our expertise, our tenacity and the strength of our partnership with the US and other jurisdictions,” said SFO director Lisa Osofsky.p
p“We wont stop fighting serious fraud, bribery and corruption, and we look forward to the next steps in this major prosecution.”p
pGlencore, whose representatives appeared in court in the United States and Britain on Tuesday, said in February it would set aside 1.5 billion for probes into bribery and market manipulation relating to operations in the Democratic Republic of Congo, Nigeria and Venezuela.p
pAny final resolution would wrap up a multiyear U.S. and British government investigation that has dogged the Swissbased, multinational even as its faces lingering corruption and bribery investigations by other entities, including Swiss and Dutch authorities.p
pGlencore has said it plans to issue a statement after the court hearings are concluded.p
pSpotlight on Corruption, a pressure group, welcomed the charges but said it was essential that those responsible for the wrongdoing, including senior executives and the parent company, were held to account. “Its also critical that the 1.5 billion that Glencore has set aside to settle the investigations includes compensation for the victims of their alleged corruption in West Africa,” it said.p
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pp Reporting by Kirstin Ridley, Clara Denina, Yadarisa Shabong writing by Kirstin Ridley, Editing by Maju Samuel and Paul Simaop
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