Glencore Set to Settle Corruption Charges in U.S.

The company said in a statement that it will appear in court in the U.K. and U.S. on Tuesday. A spokesman declined to comment further. Britain’s Serious Fraud Office will charge the company with bribery at a court in central London later on Tuesday, according to a person familiar with the matter.

“Glencore will appear in court in the United States and United Kingdom later today in connection with proposed resolutions of the relevant investigations,” the company said in its statement.

The Anglo-Swiss company will settle the Justice Department investigations and has disclosed that it has made a provision of $1.5 billion to cover the costs of settlements in the U.S., U.K. and Brazil. Glencore has told shareholders that it faced criminal and civil investigations from the DOJ, U.S. Commodity Futures Trading Commission, U.K. SFO and the Brazilian Federal Prosecutor’s Office.

In addition to the allegations of bribery, Glencore has also faced a U.S. market manipulation probe. A former Glencore oil trader pleaded guilty last year to conspiring to manipulate a fuel-oil benchmark.

Several executives, including Glencore’s former chief executive officer, who were in their roles during the period scrutinized by authorities, have already left the company.

Former Chief Executive Ivan Glasenberg declined to comment.

The investigations weighed down Glencore’s share price for several years and racked up legal costs for the company. For instance, legal costs for the first half of 2020 hit $56 million.

Glencore is still subject to investigations from Brazilian, Swiss and Dutch authorities.

—Ben Foldy contributed to this article.

Write to Dave Michaels at [email protected] and Alistair MacDonald at [email protected]