Glencore to Pay $700 Million to Settle FCPA Bribery Scheme Charges
Swiss commodity trading and mining giant Glencore was ordered to pay $700 million after pleading guilty to violating the Foreign Corrupt Practices Act in a bribery scheme spanning several countries. The U.S. District Court for the Southern District of New York approved the settlement in a Feb. 27 order, and the company will pay a $428.5 million fine and $272 million in forfeiture as part of a plea deal reached in May 2022 (see 2205270044) (U.S. v. Glencore International, S.D.N.Y. # 22-00297).
Glencore pleaded guilty to one count of conspiracy to violate the FCPA and agreed to pay the $700 million -- a fine set at 15% below the U.S. sentencing guidelines as a reflection of Glencore's cooperation. The corporation expects to pay over $1.5 billion to settle all bribery and market manipulation charges, including another $485 million as part of a commodity price manipulation case in Connecticut. Glencore also agreed to set up an independent compliance monitor for three years.