Glencore To Pay Nearly $1.2Bln In Fines Over Bribery, Price Manipulation Charges - Garland

WASHINGTON (Pakistan Point News / Sputnik - 25th May, 2022) Multinational commodity trading and mining company Glencore will pay the United States nearly $1.2 billion in fines as part of guilty pleas in two cases involving international bribery and price manipulation schemes, US Attorney General Merrick Garland said on Tuesday.

"Today the Justice Department is announcing charges in two separate districts and in two separate criminal cases involving Glencore, one of the world's largest mining and commodity trading companies. The company has agreed to plead guilty in each case," Garland said during a press conference on the matter.

Glencore agreed to pay about $700 million in connection with the first case, which involved efforts to bribe foreign officials in several different countries, Garland said. The company also agreed to pay about $485 million in penalties in connection with the second case, which involved a scheme to manipulate oil prices at two US shipping ports.