British justice sentenced, on Thursday, the commodity trading group, Glencore, to a fine of 276 million pounds sterling (311 million dollars) for acts of corruption carried out in five countries of the African continent.
The fine (which is about half of Glencore’s one-week profit) comes with an injunction for forfeiture of £93.5 million and reimbursement of legal costs of £4.55 million.
The verdict was delivered by Judge Peter Fraser of Southwark Crown Court in London. “Bribes were clearly part of the culture of some staff in the West Africa office,” he said.
According to him, “the facts demonstrate not only sustained criminality, but also sophisticated devices to conceal it, including the taking of large sums of cash for other stated purposes which would be legitimate, such as fees opening a new office, which was in fact being used for corrupt purposes”.
The sanction follows an investigation by the Serious Fraud Office (SFO), a British government agency attached to the Office of the Attorney General, in charge of serious or complex cases of fraud and corruption.
The group has admitted to paying more than $28 million in bribes to high-ranking officials to benefit from oil access privileges in Cameroon, Côte d’Ivoire, Equatorial Guinea, Nigeria and Sudan. of the South, between 2011 and 2016.
In a statement, the chairman of the mining group, Kalidas Madhavpeddi, said that “the conduct that has taken place is inexcusable and has no place at Glencore”. And added, the group is “committed to running a business that creates value for all stakeholders by operating transparently under a well-defined set of values, with openness and integrity at the forefront. “.
By OMA Newsletter N° 925 of 04/11/2022
Article published under the direction of Dr. Najib Kettani
The OMA, NGO with an Intercontinental vocation
For the development of cultural exchanges
Valuing human potential
The promotion and consolidation of Africa’s development, and
Inter-African integration
