Glencore to pay £1.2bn in bribery and market manipulation settlements

Glencore is poised to settle long-running investigations from authorities in the US, the UK and Brazil into bribery and market manipulation.

Following a court hearing yesterday, the London-listed mining giant expects to pay around £1.2billion to settle the investigations while also indicating it would plead guilty to charges brought by the Serious Fraud Office in connection with a bribery investigation.

The company noted corruption investigations by authorities in Switzerland and the Netherlands were still ongoing but the timing of their conclusion remained ‘uncertain’.

Chief executive Gary Nagle said: ‘This type of behaviour has no place in Glencore, and the board, management team and I are very clear about the culture that we want and our commitment to be a responsible and ethical operator wherever we work.’

The expected payment to settle the investigations was put aside by Glencore in its annual results in February when Nagle claimed the company wanted to clean up its act.

Glencore shares climbed 1.3 per cent, or 6.4p, to 519.4p.