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).
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
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.