A mining giant is being investigated for criminal offenses

A mining giant is being investigated for criminal offenses ...

Glencore, a Switzerland-based commodity trading and mining company, is attempting to settle two different long-standing criminal investigations, according to the Wall Street Journal.

In 2018, the United Kingdom''s Serious Fraud Office opened an investigation into a business unit.

The company was then accused of seven counts of bribery in connection with a $24 million purchase for preferential oil access in Africa.

Glencore said on May 24 that it will plead guilty to those charges in the United Kingdom.

SFO said its investigations highlighted bribery and corruption in its oil operations in Cameroon, Equatorial Guinea, the Ivory Coast, Nigeria, and South Sudan.

With its approval, Glencores executives and employees paid bribes for preferential crude access.

According to court records, Anthony Stimler, a US citizen, was accused from 2013 to 2015 in funneling hundreds of thousands of dollars to intermediaries in order to facilitate Glencores'' access to Nigerian oil.

According to reports, Stimler worked with co-conspirators who included former Glencore employees.

The company has declined to comment on the SFO charges, and the sentencing process will begin on June 21.

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Glencore is attempting to slap the US probe.

The firm is reportedly set to plead guilty in the United States to violating the Foreign Corrupt Practices Act.

The Department of Justice of the United States ordered the company to "produce documents and other records" in respect of the Foreign Corrupt Practices Act and the United States money laundering statutes in 2018.

Last July, a former Glencore co-worker pleaded guilty to conspiring to launder money and pay millions of dollars in bribes to government officials in Nigeria and elsewhere in exchange for favorable contracts with a state-owned oil company.

This is a violation of the Foreign Corrupt Practices Act of the United States.

Glencore has been subjected to a market manipulation investigation in the United States, according to a former Glencore oil dealer who admitted last year to conspiring to manipulate a fuel-oil benchmark.

The company is expected to settle.

The company disclosed that it has set aside $1.5 billion to cover settlement expenses in the United States and the United Kingdom, as well as an investigation by the Brazilian Federal Prosecutors Office.

Glencore is also being investigated by Swiss and Dutch authorities.

Ivan Glasenberg, the former CEO of the company, declined to comment to the Wall Street Journal.

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