Baar, 08.04.2024

Fine for Zug-based commodities trader Glencore

Commodity trading companies Glencore, Trafigura, Vitol and Gunvor have been fined a total of US$ 1.7 billion by the United States of America for bribery.

This was reported by the Tagesanzeiger newspaper on Thursday last. The above-mentioned companies allegedly bribed officials in Latin America and Africa in order to do business with state-owned oil companies. Glencore is said to have paid more than US$ 100 million in bribes to middlemen.

The headquarters of Glencore International AG in Baar    Picture: Patrick Hürlimann

In May 2022, Glencore pleaded guilty to bribing officials in seven countries in Africa and Latin America. As part of the plea agreement in 2022, Glencore agreed to pay a criminal fine of more than US$ 341 million, pay forfeiture of more than US$ 144 million, and retain an independent compliance monitor for three years. The department has agreed to credit up to one-half of the criminal fine and forfeiture against penalties on Glencore.

The US Department of Justice announced that a total of 20 people had been convicted.