Glencore to Appear in Court in US, UK on Tuesday for Bribery Probes -- Update

By Anthony O. Goriainoff and Jaime Llinares Taboada

Glencore PLC said Tuesday that it will appear in court in the U.S. and the U.K. later today in connection with regulatory investigations into allegations of bribery.

In 2018, London-listed Glencore said it received a subpoena from the U.S. Department of Justice demanding records related to its compliance with American anti-bribery and money-laundering laws in Congo, Nigeria and Venezuela.

The company has also said investigations have been opened by the U.S. Commodity Futures Trading Commission, the U.K.'s Serious Fraud Office and the Brazilian Federal Prosecutor's Office. The probes cover allegations related to bribery and market manipulation.

Back in February, the company made a provision of $1.5 billion to cover these investigations. Chief Executive Gary Nagle said that this was Glencore's "best estimate of what we believe the settlement amount will be."

"While Glencore cannot forecast with certainty the cost, extent, timing or terms of the outcomes of the investigations, the company presently expects to resolve the U.S., U.K. and Brazilian investigations in 2022," it said at the time.

Glencore said Tuesday that it will issue an announcement following the conclusion of the court hearings.

Glencore operates mines and trades natural resources across the world, a lucrative business considering today's high commodity prices, which generated adjusted earnings of $21.3 billion last year.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

May 24, 2022 10:45 ET (14:45 GMT)

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