UK SFO interviewed former Glencore CEO in 2024, two years after Glencore's corporate guilty plea

It has been reported that a recent ruling in a London shareholder dispute has revealed that the UK's Serious Fraud Office (SFO) interviewed former Glencore CEO Ivan Glasenberg in 2024, two years after Glencore pleaded guilty to corporate bribery and corruption offences.

Key details include:

• Timing of the Interview: Glasenberg was interviewed by the SFO four months after being questioned by Swiss prosecutors. This indicates coordinated international scrutiny of Glencore's executives following the company's 2022 guilty plea.
• Context: The interview came amid ongoing investigations into Glencore's global operations, which have been under scrutiny for alleged bribery and corruption across multiple jurisdictions, including the UK, US, Switzerland, Brazil, and the Netherlands.
• Legal Proceedings: The disclosure emerged from a shareholder dispute in the High Court of Justice in England & Wales, shedding light on the broader legal fallout from Glencore’s settlement with authorities.

Here’s a summary of Glencore’s 2022 guilty plea and the charges involved, based on coordinated investigations by authorities in the United States, United Kingdom, and Brazil:

Overview of Charges and Guilty Plea

In May and June 2022, Glencore and its subsidiaries pleaded guilty to:

• Violations of the Foreign Corrupt Practices Act (FCPA) in the U.S.
• Seven counts under the UK Bribery Act 2010, including:
• Five counts of bribery (Section 1)
• Two counts of failure to prevent bribery (Section 7)

These charges stemmed from a decade-long scheme involving over \$100 million in bribes paid to officials across Nigeria, Cameroon, the Ivory Coast, Equatorial Guinea, Brazil, Venezuela, and the Democratic Republic of Congo (DRC).

Penalties and Fines

• Total global penalties exceeded \$1.1 billion, including:
• $428 million criminal fine (U.S.)
• $272 million forfeiture and disgorgement (U.S.)
• 281 million (approx. \$400 million) fine in the UK
• Additional penalties in Brazil and potential credits for cooperation with Swiss authorities

Glencore also agreed to:

• Retain independent compliance monitors for three years in both the U.S. and UK
• Cooperate with ongoing investigations

Details of Bribery Scheme

• Bribes were paid to secure oil contracts, avoid audits, and influence legal outcomes
• Payments were disguised as:
• “Service fees”
• “Signing bonuses”
• “Success fees”
• In some cases, cash was flown via private jets to officials in Africa

Examples:

• Nigeria: \$52 million paid to intermediaries to bribe officials at the Nigerian National Petroleum Corporation (NNPC)
• Cameroon: €10.5 million paid to officials at SNH and SNR (national oil and refinery companies)
• Ivory Coast: €4.75 million paid to Petroci Holdings and other state entities
• Equatorial Guinea & South Sudan: Glencore failed to prevent agents from paying bribes totalling over \$2 million

Judicial Remarks

Justice Fraser of Southwark Crown Court described the conduct as:

“Corporate corruption on a widespread scale… sustained over prolonged periods of time… using sophisticated devices to disguise it.”

References

• Glencore Entered Guilty Pleas to Foreign Bribery and Market ...https://www.justice.gov/archives/opa/pr/glencore-entered-guilty-pleas-foreign-bribery-and-market-manipulation-schemes
• Sentencing Remarks Glencore https://www.judiciary.uk/wp-content/uploads/2022/11/Sentencing-Remarks-Glencore.pdf
• UK: GLENCORE ENERGY SENTENCED FOR MULTIPLE BRIBERY COUNTS https://www.corporatecrime.co.uk/post/glencore-corruption-uk
• SFO interviewed ex-Glencore chief two years after corporate ... - Lexology https://www.lexology.com/pro/content/sfo-interviewed-ex-glencore-chief-two-years-after-corporate-guilty-pleanbsp-
• Law Firm: Osborne Partners - Global Investigations Review https://globalinvestigationsreview.com/law-firm/osborne-partners