International commodity trading and mining company Glencore Energy has been ordered to pay £280m ($313m) in fines and confiscations orders, after pleading guilty to seven counts of bribery relating to its oil operations in Africa.
The confiscation order – when a convicted defendant is ordered to pay back criminally obtained assets – was £93.48m ($104m) and the fine came to £182.94m. The company was also ordered to pay prosecution costs of £4.55m.
The sentencing follows discoveries made during Glencore’s trial at Southwark Crown Court, London. Despite the verdict, the payout pales in comparison to Glencore’s profit for 2021 of $21.3bn – 83% higher than that in 2020 – due to the rise in oil and gas costs globally. After the record profits were announced, the energy company paid a $4bn dividend to shareholders. The facts demonstrate not only sustained criminality but sophisticated devices to disguise it.
Nigeria’s effort to claim compensation from Glencore over bribes paid to officials at Nigeria’s state oil company was denied at the same London court last week.
