CRIMINAL CAPITALI$M
Glencore hit by fresh bribery-related lawsuit in the UKCecilia Jamasmie | February 17, 2023 |
Katanga copper mine in the DRC. (Image courtesy of Glencore.)
Glencore (LON: GLEN) is facing a fresh lawsuit in the UK related to alleged losses to shareholders resulting from the mining and commodities trader’s involvement in bribery.
Legal & General Group filed claims against Glencore on January 10 in London’s High Court, adding to several lawsuits brought by investors since the company paid about $1.5 billion to settle long-dragged out probes in the US, Brazil and the UK.
Details of the claim are yet to be filed or made public, but sources familiar with the matter told FT.com the case centred on the consequences of Glencore’s pleading guilty to allegations of market manipulation and bribery.
The news comes as Glencore reported this week adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of $34.1 billion, a 60% increase from a previous record of $21.3 billion in 2022.
The Swiss company also announced it would return more than $7 billion to shareholders in dividends and buybacks.
The UK Serious Fraud Office forced the miner and commodities trader last year to pay $308 million for bribing its way across Africa.
Glencore, which is also subject to investigations from Swiss and Dutch authorities, has said the timing of those probes remains uncertain but would expect any possible resolution to avoid duplicate penalties for the same conduct.
Katanga copper mine in the DRC. (Image courtesy of Glencore.)
Glencore (LON: GLEN) is facing a fresh lawsuit in the UK related to alleged losses to shareholders resulting from the mining and commodities trader’s involvement in bribery.
Legal & General Group filed claims against Glencore on January 10 in London’s High Court, adding to several lawsuits brought by investors since the company paid about $1.5 billion to settle long-dragged out probes in the US, Brazil and the UK.
Details of the claim are yet to be filed or made public, but sources familiar with the matter told FT.com the case centred on the consequences of Glencore’s pleading guilty to allegations of market manipulation and bribery.
The news comes as Glencore reported this week adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of $34.1 billion, a 60% increase from a previous record of $21.3 billion in 2022.
The Swiss company also announced it would return more than $7 billion to shareholders in dividends and buybacks.
The UK Serious Fraud Office forced the miner and commodities trader last year to pay $308 million for bribing its way across Africa.
Glencore, which is also subject to investigations from Swiss and Dutch authorities, has said the timing of those probes remains uncertain but would expect any possible resolution to avoid duplicate penalties for the same conduct.
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