On May 24, Glencore, a commodity trading and mining firm, pled guilty to a decades-long bribery and corruption scheme stretching across Africa and South America.
Separately, Glencore also admitted to manipulating oil prices. In response, Assistant U.S. Attorney General Kenneth A. Polite, Jr., stated, “Glencore Ltd. undermined public confidence by creating the false appearance of supply and demand to manipulate oil prices,” according to the U.S. Department of Justice.
To settle the charges, Glencore agreed to pay the U.S. government $1.1 billion in fines and forfeitures. The guilty pleas were part of a coordinated resolution with criminal and civil authorities in the United Kingdom, Brazil, and the United States….