Glencore officials delivered cash in private jets to officials across Africa, UK prosecutors said as they laid out a web of bribery and corruption orchestrated by the London oil trading desk.
The LSE and JSE-listed company, founded by Marc Rich, admitted to seven counts of bribery across countries including Nigeria and Cameroon, following a Serious Fraud Office (SFO) investigation. Prosecutors said the company paid more than $28 million in bribes to secure access to oil cargoes. It marks the first time a corporate has been convicted for paying bribes, according to the SFO.
A London judge will determine the final fine on Thursday.
"Corruption was condoned at a very senior level within the company generally" and the west African trading desk specifically, prosecutors said in a case summary made public Wednesday.
The sentencing will draw a line for the company in the UK over a series of long-running investigations, but leaves open the possibility of charges against former employees. An SFO
prosecutor said on 21 October that as many as 11 ex-staff were under investigation for criminal wrongdoing.
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