Glencore engaged in bribery and market manipulation cases in over 8 countries from 2007 to 2019

Corruption is estimated to cost about 5% of the world's gross domestic product¹. Around $1Tn is paid in bribes by businesses and individuals per year¹. Corruption is a crime that officials commit by abusing their role to procure gain for themselves or business, such as bribery, embezzlement, and abuse of power².

Glencore is a diversified natural resource company³. In 2022, it was fined $1Bn due to bribery charges related to its oil operations⁴. Glencore was found guilty of bribery and corruption in Cameroon, Guinea, Ivory Coast, Nigeria, South Sudan, Brazil, Venezuela, and the DRC, spanning approx. from 2007 to 2019^4,5. To resolve the bribery cases, the company will pay fines amounting to $700Mn and an additional $485Mn to settle market manipulation charges in the US⁴.

Via its employees and agents, Glencore paid +$100Mn to third-party intermediaries for over a decade so they could pay bribes to authorities⁵. With its executives' approval and encouragement, the company paid bribes to avoid lawsuits, government audits and secure oil contracts⁵. Glencore hid the bribe payments by engaging in phoney consultancy agreements, sending false invoices, and making illicit payments to foreign authorities through intermediary businesses⁵. For instance, from 2007 to 2018, Glencore paid bribes to Nigerian officials worth $52 million, which helped the company earn profits of $124Mn during this period⁶.

Glencore also manipulated commodity prices by artificially pushing the price assessment of commodities up or down⁵. The practices created the misleading impression of supply and demand to weaken public faith, causing financial harm and undermining trust in the commodities markets' fair and efficient function⁵.

Glencore was engaged in corrupt practices for over a decade, causing high economic and financial costs, hindering competition, and weakening public trust.