Glencore labels ex-employee's conduct 'unacceptable'

A former employee of Glencore's oil business has entered a plea agreement with the US Department of Justice.

Staff reporter
 Glencore acknowledges plea by former oil trader

Glencore acknowledges plea by former oil trader

The former UK-based oil trader pleaded guilty to participating in an international scheme to bribe officials in Nigeria to win favourable treatment from the state-owned oil company, Bloomberg reported.

Glencore has acknowledged the plea but provided little further detail.

"The conduct described in the plea is unacceptable and has no place in Glencore," the miner and commodities trader said today.

"Glencore has cooperated fully with the DOJ and other authorities in their investigations and continues to do so."

The company is facing a series of investigations, including a failure to have measures in place to prevent alleged corruption in the Democratic Republic of Congo.

Glencore has separately agreed to pay US$9.85 million to resolve a private US antitrust lawsuit accusing two units of the Anglo-Swiss mining company of trying to monopolise the market for zinc, driving up its price, Reuters reported yesterday.

Regarding the oil plea deal, Glencore said it had "taken a number of remedial measures in light of what it has learned during the investigation".

"Glencore has significantly enhanced its ethics and compliance programme over the last few years with a view to developing a best in class programme," it said.

"Glencore is committed to operating ethically and responsibly in all aspects of its business."

Gary Nagle took over from long-serving CEO Ivan Glasenberg this month, a move which could trigger a strategic shift at Glencore and share price rerating, US investment bank Jefferies said recently. 

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