04 /17 Closing Prices / revised 04/18/2024 07:51 GMT 04/17    OPEC Basket    $89.64    -$0.58  | 04/17     Mexico Basket (MME)   $76.44  -$2.48 | 04/12    Venezuela Basket (Merey)  $70.98    +$3.71  | 04/17      NYMEX WTI Texas Intermediate May CLK24   $82.69  -$2.67   | 04/17    ICE Brent June  BRNM24      $87.29   -$2.73    | 04/17     NYMEX Gasoline May RBK24   $2.73   -3.3%   |  04/17    NYMEX  Heating Oil May  HOK24   $2.57  -2.9 %   | 04/17     Natural Gas May NGK24    $1.71  -1.2% | 04/12    Active U.S. Rig Count (Oil & Gas)    617   -3  | 04/18    USD/MXN Mexican Peso  16.9479  (data live) | 04/18   EUR/USD    1.0685   (data live)  | 04/18    US/Bs. (Bolivar)   $36.32650000 ( data BCV)  

Glencore Bribery Charges Over Ex-Staff Hit With Fresh UK Delays – Bloomberg

An employee stands by a logo for Glencore Agriculture in Glencore Plc's offices in Rotterdam, Netherlands, on Tuesday, April 25, 2017. Since taking over Glencore Agriculture in 2002, Chris Mahoney has overseen the transformation of the unit into a standalone enterprise that generates more revenue from owning fixed assets in strategic locations than simply trading. Photographer: Simon Dawson/Bloomberg , Bloomberg
An employee stands by a logo for Glencore Agriculture in Glencore Plc’s offices in Rotterdam, Netherlands, on Tuesday, April 25, 2017. Since taking over Glencore Agriculture in 2002, Chris Mahoney has overseen the transformation of the unit into a standalone enterprise that generates more revenue from owning fixed assets in strategic locations than simply trading. (Simon Dawson/Bloomberg)

Katharine Gemmell, Bloomberg News

NEW YORK
EnergiesNet 10 31 2023

The UK’s fraud prosecutor delayed its decision to charge ex-Glencore Plc staff over allegations they were involved in widespread corruption at the company to July 2024, leaving as many as 11 former employees in legal limbo for months to come.

The Serious Fraud Office said it had to delay the individual charging decisions over a group of former executives once again as it has received new evidence that it needs to process, according to a written update Tuesday. The fraud cops had initially intended to make charging decisions in April this year.

“This is due to significant further material having been received since then, which must be reviewed for evidential and disclosure purposes before charging decisions can be finalized,” Victoria Jacobson, the SFO case controller, wrote in a letter to Southwark Crown Court.

The SFO will want to take its time to ensure their processes and charging decisions are watertight as it has suffered a series of humiliating court reversals due to missteps by the agency’s previous leadership. A government-requested review said that some of the failures in another high-profile oil corruption case were caused by “cultural issues” within the SFO.

Glencore was hit with a £276 million ($335 million) fine last year by a London judge after pleading guilty to coordinating a sprawling effort to bribe government officials for access to oil cargoes across Africa. The commodity trading industry has been dogged by anti-corruption investigations for years, but few individual traders or bosses have faced prosecution. 

A spokesperson from Glencore declined to comment. 

Prosecutors focused in on the firm’s London trading desk in last year’s case, saying Glencore’s traders and executives paid more than $28 million in bribes to secure the access to oil cargoes between 2011 and 2016. They said the level of corruption saw cash delivered in private jets to pay the bribes. 

–With assistance from Thomas Biesheuvel.

bloomberg.com 10 31 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top