Glencore Slapped With $314 million Fine For Paying Bribes In Africa
Updated: Nov 7, 2022
Africa | Rest Of The World November 4, 2022
Glencore’s British subsidiary Glencore Energy UK was on November 3, 2022, slapped with a $314 million fine by a London court for paying bribes to officials in Africa. That was reported by some media on October 4, 2022.
Glencore Energy UK that ventures in oil, is said to have paid cash bribes amounting $26.9 million to officials in State owned oil and gas firms as well as some ministries in Nigeria, Ivory Coast, Cameroon, South Sudan, and Equatorial Guinea, between 2011 and 2016, to enhance profits from its oil ventures in the mentioned countries. More specifically, the bribes that were paid to the officials through Glencore Energy UK’s employees and agents gave the subsidiary company preferential access to crude oil shiploads, among others, say the reports.
Great decision by the London court that may contribute to efforts geared toward containing corruption in Africa. Particularly the court ruling may help curbing promotion of corruption in Africa by some unscrupulous foreign firms and looting by non-patriotic egoistic African officials of their own national wealth instead of using it to deliver public goods like roads, electricity, clean water, bridges, schools, hospitals, etc.
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