You are currently viewing Glencore Will Pay $1.1 Billion to Settle Bribery and Price-Fixing Charges

WASHINGTON — Glencore, the mining and commodity-trading giant, has agreed to pay $1.1 billion to settle charges that two of its units bribed officials in several countries and manipulated oil prices.

The settlement, announced Tuesday by Attorney General Merrick B. Garland, followed months of negotiations between the company and prosecutors in the United States, Britain and Brazil over Glencore’s operations in the U.S., the Democratic Republic of Congo, Venezuela and Nigeria dating back to 2018.

The announcement comes as gas prices have soared, in large part because of Russia’s invasion of Ukraine and as the Biden administration, concerned with how high prices might affect Democrats during the midterm elections in November, has struggled to find effective ways to bring Americans relief at the pump.

“The rule of law requires that there not be one rule for the powerful and another for the powerless, one rule for the rich and another for the poor,”

Keep reading this article on The New York Times Energy & Environment.

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