According to the US Attorney General, the cases represent the largest criminal enforcement action to date for a commodity price manipulation conspiracy in oil markets. Authorities in the United States, Britain and Brazil announced that three of Glencore’s subsidiaries were pleading guilty to a range of crimes including market manipulation and bribery related to its conduct in developing countries.
US Attorney General Merrick Garland, “Glencore made hundreds of millions of dollars in profits from these crimes – including $272 million from the foreign bribery scheme and $144 million from the commodity price manipulation scheme. And these crimes exacted great costs across the globe – perpetuating transnational corruption and manipulating oil prices in two of the largest fuel markets in America. As a result, Glencore has agreed to pay a total of approximately $1.
U. Attorney for the Southern District of New York Damian Williams says, “For more than a decade, Glencore cheated the free market to gain a competitive edge. Glencore paid over $100 million in bribes to government officials in Brazil. Nigeria, the Democratic Republic of the Congo. Venezuela. The bribery scheme here spanned the globe. Glencore paid bribes to secure oil contracts. Glencore paid bribes to avoid government audits. Glencore paid bribes to judges to make lawsuits disappear.
Thanx to SABC to be brave atleast and do this story,thanx to Flo for being brave and asked relevant questions
Eish
I don’t care what anybody says about me as long as it isn’t true.