By John Ikani
British authorities are moving closer to charging former employees of Glencore, a multinational commodity trading giant, in connection with a large-scale bribery scandal.
This development comes two years after Glencore itself pleaded guilty to bribery offences.
On Monday, a London court heard that the UK’s Serious Fraud Office (SFO) has requested permission from Attorney General Victoria Prentis to pursue charges against individuals allegedly involved in the misconduct. A decision is expected by July 31st.
“The SFO has indeed sought the Attorney General’s consent on June 14th,” confirmed Faras Baloch, a barrister representing the SFO.
Glencore’s Bribery Scheme and Subsequent Penalty
In 2022, Glencore admitted to seven counts of bribery and paid a hefty fine of approximately £280 million. The company was accused of using nearly $30 million in bribes to secure preferential access to African oil.
The fraudulent activities, concentrated within Glencore’s London-based West Africa desk, were deemed “endemic” by the presiding judge, Mr. Justice Fraser.
This penalty stands as the largest ever secured by the SFO following a conviction. The SFO launched its investigation into Glencore in 2019.
Charges and Next Steps
Last year, the SFO announced a delay in charging decisions for up to 11 individuals linked to the case, pushing the deadline to July.
Baloch informed the court that the Attorney General’s office intends to meet the July 31st deadline despite the upcoming UK election on July 4th, which could potentially result in a new Attorney General.
Once approval is granted, the SFO will notify the defendants of the charges through official letters. A preliminary hearing is anticipated to take place in September at Westminster Magistrates’ Court.
The Attorney General’s consent is mandatory for prosecution under specific legislation. The identities of the suspects remain confidential due to a court-imposed anonymity order.
