Glencore to pay $1.2B to settle claims by U.S. authorities

According to the country’s Attorney General Merrick Garland, Swiss commodity trader Glencore would have to pay about $1.2 billion to settle legal allegations from US authorities.

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Glencore to pay $1.2B to settle claims by U.S. authorities © Daily Management Review

The business is accused of bribing officials in multiple nations and manipulating oil prices in two US ports, according to him.

Glencore will also have to pay $700 million in bribery damages and $485 million in price manipulation damages.

The corporation stated that it has achieved legal deals with authorities in the United Kingdom and Brazil, where it was facing corruption charges.

source: cnn.com

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