By Matthew Russell Lee, Patreon Maxwell book
SDNY COURTHOUSE, Feb 28 – Does corporate crime pay?
Mining conglomerate Glencore, as alleged by prosecutors and pleaded to by the company, "engaged in a conspiracy for over a decade to pay more than $100 million to third-party intermediaries, while intending that a significant portion of these payments would be used to pay bribes to officials in several countries, including Nigeria, Cameroon, Ivory Coast, Equatorial Guinea, Brazil, Venezuela, and the Democratic Republic of the Congo." Plea Facts here.
On February 28 Glencore was up for sentencing by U.S. District Court for the Southern District of New York Judge Lorna G. Schofield. Inner City Press was there; thread here:
OK - now corporate crime beat, sentencing in USA v. Glencore International A.G Glencore pled guilty to anti-bribery provisions of FCPA.
Judge Schofield accepts corrected plea agreement, says max sentence is $630 million fine.
Judge Schofield: This was a scheme to pay $100 million in bribes. "The defendant has no criminal history" - but 2012 bribery by Rotterdam subsidiary. Glencore getting credit for "cooperating with the government."
Glencore counsel: As soon as they got the grand jury subpoena, July 2 in Geneva, they hired us as outside counsel. We had some disagreements with the government, we negotiated. We had some difficulties with Swiss secrecy laws.
Judge Schofield: Glencore made over 3 billion Swiss francs in 2021. How does this fine relate to that?
Glencore counsel: We paid the DR Congo, and Connecticut, and the CFTC. It's material.
Judge Schofield: I accept this sentence: a fine of $429 million, to the US, UK and Switzerland. Also forfeiture, and restitution to Crusader DRC. 5 years of probation. Adjourned
The statement of facts in the plea agreement is on Patreon here.
The case is US v. Glencore International A.G., 22-cr-297 (Schofield)
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