Glencore to appear in court over bribery and corruption claims

Glencore will appear in court later on Tuesday in relation to bribery and corruption allegations for which the London-listed mining group has set aside $1.5bn to cover potential fines.

The Swiss commodity trader said in a stock market announcement that it would appear in hearings in the UK and the US, and expected to issue an announcement following their conclusion.

In 2018, the US Department of Justice launched a wide-ranging investigation into Glencore, which required the company to hand over records related to its compliance with the country’s money-laundering laws and the Foreign Corrupt Practices Act in Nigeria, the Democratic Republic of Congo and Venezuela.

Authorities in the UK and Brazil have also launched probes into the group’s conduct, casting a shadow over one of the world’s largest mining companies for four years.

Glencore said in February that it had taken a $1.5bn provision to cover fines and costs in relation to the probe, which it expected to resolve by the year-end.

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