Glencore to pay £1.2bn in bribery and market manipulation settlements in the US, the UK and Brazil
Glencore is poised to settle long-running investigations from authorities in the US, the UK and Brazil into bribery and market manipulation.
Following a courtroom listening to yesterday, the London-listed mining big expects to pay round £1.2billion to settle the investigations whereas additionally indicating it could plead responsible to fees introduced by the Serious Fraud Office in reference to a bribery investigation.
The company famous corruption investigations by authorities in Switzerland and the Netherlands have been nonetheless ongoing however the timing of their conclusion remained ‘uncertain’.
Fines: London-listed mining big Glencore is poised to settle long-running investigations from authorities in the US, the UK and Brazil into bribery and market manipulation
Chief govt Gary Nagle mentioned: ‘This type of behaviour has no place in Glencore, and the board, management team and I are very clear about the culture that we want and our commitment to be a responsible and ethical operator wherever we work.’
The anticipated cost to settle the investigations was put apart by Glencore in its annual outcomes in February when Nagle claimed the company needed to clear up its act.
Glencore shares climbed 1.3 per cent, or 6.4p, to 519.4p.