Mr Justice Fraser, sitting in the Crown Court at Southwark, ordered Glencore Energy UK Ltd to pay a fine of £281 million for bribery offences. The company pleaded guilty to offences of bribery contrary to section 1 of the Bribery Act 2010 as well as failing to prevent bribery contrary to section 7.
In his sentencing remarks, Mr Justice Fraser concluded that Glencore has “engaged in corporate reform and today appears to be a very different corporation than it was at the time of these offences”. In response to today’s judgment, Kalidas Madhavpeddi (non-executive Chair of Glencore), has confirmed the company will continue to operate “with openness and integrity”.
Clare Montgomery KC and Katherine Hardcastle were instructed by Stephen Pollard of Wilmer Hale and represented Glencore Energy UK Ltd.