Trading and mining giant Glencore on Tuesday pleaded guilty to seven counts of bribery in a London court.
The UK’s Serious Fraud Office said it had exposed “profit-driven bribery and corruption” across Glencore Energy UK’s oil operations in five African nations.
They include Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan.
Bribes worth over $25m were paid by the company’s agents and employees for preferential access to oil, with approval by the company between 2011 and 2016, the Serious Fraud Office (SFO) said.
In 2019, the UK’s SFO began investigating one of Glencore’s UK subsidiaries over “suspicions of bribery” in Africa.
“Glencore today is not the company; it was when the unacceptable practices behind this misconduct occurred, chairman Kalidas Madhavpeddi said.
“The board and the management team are committed to operating a company that creates value for all stakeholders by operating transparently under a well-defined set of values, with openness and integrity at the forefront”, the chairman added
The firm will find how much it must pay in fines at a sentencing in June.