A London court on Thursday approved a confiscation order of £93.5m (about R1.94bn) against the British subsidiary of mining and trading group Glencore for seven bribery offences related to its oil operations in Africa.
Judge Peter Fraser approved the order against Glencore Energy UK Limited at Southwark Crown Court.
A ruling on a fine against the subsidiary is also due to be announced.
On Wednesday, Britain's Serious Fraud Office (SFO) told the court that the company paid, or failed to prevent the payment of, millions of dollars in bribes to officials in five African countries.
Employees and agents of the firm used private jets to transfer cash to pay the bribes, prosecutors said.
The UK subsidiary pleaded guilty in June to seven bribery offences. Glencore, a Swiss-based multinational, said in May it expected to pay up to $1.5bn (about R27.7bn) in relation to allegations of bribery and market manipulation in the US, Brazil and the UK.
Clare Montgomery, representing Glencore, said: “The company unreservedly regrets the harm caused by these offences and recognises the harm caused, both at national and public levels in the African states concerned, as well as the damage caused to others.”
Reuters
UK court approves R1.9bn confiscation order against Glencore unit for bribery
Image: Hollie Adams/Bloomberg
A London court on Thursday approved a confiscation order of £93.5m (about R1.94bn) against the British subsidiary of mining and trading group Glencore for seven bribery offences related to its oil operations in Africa.
Judge Peter Fraser approved the order against Glencore Energy UK Limited at Southwark Crown Court.
A ruling on a fine against the subsidiary is also due to be announced.
On Wednesday, Britain's Serious Fraud Office (SFO) told the court that the company paid, or failed to prevent the payment of, millions of dollars in bribes to officials in five African countries.
Employees and agents of the firm used private jets to transfer cash to pay the bribes, prosecutors said.
The UK subsidiary pleaded guilty in June to seven bribery offences. Glencore, a Swiss-based multinational, said in May it expected to pay up to $1.5bn (about R27.7bn) in relation to allegations of bribery and market manipulation in the US, Brazil and the UK.
Clare Montgomery, representing Glencore, said: “The company unreservedly regrets the harm caused by these offences and recognises the harm caused, both at national and public levels in the African states concerned, as well as the damage caused to others.”
Reuters
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