Glencore pleads guilty to decade of bribery and manipulation

Glencore admits to bribery and market manipulation and enters settlements for USD 1.5bn, concluding long-time probes into the company which revealed intent to pursue profit at any cost.

Photo: Urs Flueeler/AP/Ritzau Scanpix

Glencore Plc admitted to bribery and market manipulation and said it will pay about USD 1.5bn to settle US, UK and Brazilian probes that have hung over the commodities giant for years.

The settlements will help remove a question mark that has long overshadowed the trader’s business. But the charges and admissions of guilt paint a damning, globe-spanning picture of how far the company, founded by US fugitive Marc Rich, has been willing to go in pursuit of profit.

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