Kaya 959 Reporter
People in South Africa are wondering when Glencore’s South African division would be held accountable for allegedly participating in bribery schemes.
This Monday, a British division of the multinational mining and trading corporation Glencore formally entered a guilty plea to seven counts of bribery related to oil activities in Cameroon, Equatorial Guinea, the Ivory Coast, Nigeria, and South Sudan.
Glencore Energy agreed to paying more than $28 million (R445 million) in bribes between 2011 and 2016 to gain preferential access to oil and make illegal gains at a Southwark Crown Court hearing in London.
Swiss and Dutch investigations against the corporation are still ongoing.
According to TimesLIVE, Glencore was also allegedly involved in the manipulation of fuel prices at US shipping ports. Investigations into Glencore’s activities have not ended and executives who were involved in corruption schemes will be probed too by the UK’s Serious Fraud Office.
The UK Serious Fraud Office (SFO) announced that the corporation will be sentenced on November 2 and 3.
But the November sentencing will close a global investigation that has burdened the company for more than four years, culminating in the departure of CEO and largest shareholder Ivan Glasenberg in 2021.