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Glencore Says Bribery Days Are Over. Now It Has to Prove It (1)

May 26, 2022, 12:08 PM

Glencore Plc has closed the “cash desks” in London and Switzerland that once dispensed money for bribes. Employees implicated in sweeping, cross-border corruption investigations are gone. New safeguards are in place, and boss Gary Nagle says it’s a “different company.”

Now he will have to prove it.

Glencore this week agreed to plead guilty to a web of bribery and price manipulation charges that stretch from Venezuela to Nigeria and Los Angeles in deals with the US, UK and Brazil. The penalties will total about $1.5 billion but there’s a longer-lasting requirement -- the deal with the US Department of ...