Glencore charged by Serious Fraud Office with seven counts of bribery

Back in June 2019, the SFO opened an investigation – codenamed ‘Operation Azoth’ into Glencore over alleged corruption. SFO investigators duly exposed profit-driven bribery and corruption across the company’s oil operations in Cameroon, Equatorial Guinea, the Ivory Coast, Nigeria and South Sudan.

The SFO’s case is that Glencore agents and employees paid bribes worth over $25 million for preferential access to oil, with approval by the company.

‘Operation Azoth’ is an investigation into the UK-based subsidiary of Glencore, Glencore UK Ltd, and its 100%-owned subsidiary Glencore Energy (UK) Ltd in relation to oil trading and related activities.

The SFO has charged Glencore with seven counts of bribery under the Bribery Act 2010. There are five substantive charges under Section 1 and two under the corporate failure to prevent bribery offence (Section 7).

The SFO has worked in parallel with the US and collaboratively with the Dutch and Swiss prosecutors on this investigation. The SFO’s prosecution and the court’s sentencing of Glencore will be dealt with at Southwark Crown Court on Tuesday 21 June.

Commenting on the case, Lisa Osofsky (director of the SFO) stated: “This significant investigation, which the Serious Fraud Office has brought to court in less than three years, is the result of our expertise, our tenacity and the strength of our partnership with the US and other jurisdictions. We will not stop fighting serious fraud, bribery and corruption. We now look forward to the next steps in this major prosecution.”