Publications
Partners
- For more financial news, go to the News24 Business front page.
A London court approved on Thursday a confiscation order of 93.5 million pounds (R2 billion) against the British subsidiary of mining and trading group Glencore for seven bribery offences in relation to its oil operations in Africa.
Judge Peter Fraser approved the confiscation order against Glencore Energy UK Limited at Southwark Crown Court.
On Wednesday, Britain's Serious Fraud Office (SFO) told the court that Glencore Energy UK Limited paid – or failed to prevent the payment of – millions of dollars in bribes to officials in five African countries.
Employees and agents of the firm used private jets to transfer cash to pay the bribes, prosecutors said.
The UK subsidiary pleaded guilty in June to seven bribery offences. Glencore, a Swiss-based multinational, said in May it expected to pay up to $1.5 billion in relation to allegations of bribery and market manipulation in the United States, Brazil and Britain.
Clare Montgomery, representing Glencore, said: "The company unreservedly regrets the harm caused by these offences and recognises the harm caused, both at national and public levels in the African states concerned, as well as the damage caused to others."
