Glencore pleaded guilty to corruption in the U.S. and Brazil and agreed to pay US$1.06 billion

RIO DE JANEIRO, BRAZIL – On Tuesday, May 24, the Swiss group Glencore announced that it reached agreements with the authorities in the United Kingdom, the United States, and Brazil, pleading guilty to corruption and market manipulation.

The company, dedicated to the exploitation and commercialization of raw materials and food, plans to pay US$1.02 billion to the United States and US$40 million to Brazil, while the amount of penalties to be transferred to the United Kingdom is still to be defined, according to a press release. Last February, the group said that it had set aside US$1.5 billion to settle ongoing investigations in the three countries.

The company said it expected the final global settlement, including a future fine in Britain, would not exceed the US$1.5 billion it set aside in February for investigations related to operations in the Democratic Republic of Congo, Nigeria, and Venezuela.

“Glencore has resolved the investigations previously disclosed by authorities in the United States, the United Kingdom, and Brazil into past activities in certain Group businesses relating to bribery,” it said.

Any final resolution would end a multi-year investigation by the U.S. and British governments that has dogged the Swiss-based multinational, which still faces corruption and bribery inquiries, including Swiss and Dutch authorities.

The Swiss company has been in the spotlight in Argentina for its links with the agro-exporter Vicentin.

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