A U.S. judge on Tuesday ordered Glencore Plc to pay $700 million in connection with its guilty plea over a decade-long scheme to bribe foreign officials across several countries.
to pay $700 million in connection with its guilty plea over a decade-long scheme to bribe foreign officials across several countries.
The sentence handed down by U.S. District Judge Lorna Schofield in Manhattan federal court consisted of a $428.5 million fine and $272 million in forfeiture, in line with areached last May between the mining and commodity trading giant and federal prosecutors in Manhattan. Prosecutors have said Glencore paid more than $100 million in bribes to officials in countries including Nigeria, Brazil, Venezuela and the Democratic Republic of the Congo to win business or avoid audits.
The fine is 15% below what U.S. sentencing guidelines recommend and reflects credit for Glencore's cooperation, including by providing documents that were located abroad and investing "significant resources" in improving ethics and compliance, prosecutors said.
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