What are the lawsuits against Glencore?
197 investors sue Glencore over “untrue statements” in its prospectuses.
The claimants have alleged that they suffered financial losses as a direct result of “untrue statements” and omissions in Glencore's 2011 and 2013 prospectuses.
Credit: Marlon Trottmann via Shutterstock..
What did Glencore do?
Investigation by U.S.
Department of Justice
On 24 May 2022, Glencore pleaded guilty to multiple counts of bribery and agreed to pay penalties of about $1.5 billion..
What is the claim against Glencore?
197 investors sue Glencore over “untrue statements” in its prospectuses.
The claimants have alleged that they suffered financial losses as a direct result of “untrue statements” and omissions in Glencore's 2011 and 2013 prospectuses.
Credit: Marlon Trottmann via Shutterstock..
What is the code of ethics for Glencore?
Our Values of safety, integrity, responsibility, openness, simplicity and entrepreneurialism should help guide us in everything that we do.
Our focus on operating with integrity – having the courage to do what's right, even when it's hard – is at the heart of what we do at Glencore..
What is the Glencore code of ethics?
We take responsibility for our actions.
We talk and listen to others to understand what they expect from us.
We work to improve our commercial, social and environmental performance..
What is the Glencore corruption scandal?
The investigation uncovered a trail of text messages, large cash withdrawals and deliberately concealed payments that showed Glencore paid bribes worth a total of $29m to secure its access to oil in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan..
What is the purpose of the compliance and ethics program?
The United States Sentencing Commission defines an effective compliance and ethics program as a program designed to assure compliance with applicable legal requirements with mechanisms to prevent, detect, and correct violations and wrongdoings within an organization..
What is the role of ethics in compliance?
In the context of corporate governance, compliance means obeying the law.
Ethics is the intent to observe the spirit of the law, in other words, it is the expressed intent to do what is right.
The aftermath of unethical behavior can be devastating for a company, as we have seen time and time again..
Who is the general counsel of Glencore?
General Counsel, Glencore PLC..
- Glencore Energy UK Limited will pay a financial penalty and costs of \xa3280,965,092.95, as determined by the Court, after pleading guilty to five counts of bribery and two counts of failure to prevent bribery brought by the SFO under the UK Bribery Act 2010.
- Glencore sentenced to pay $485 million in DOJ market manipulation case.
A Connecticut federal judge imposed terms set forth in a May 2022 plea agreement resolving DOJ allegations that the commodities trader manipulated oil prices. - The investigation uncovered a trail of text messages, large cash withdrawals and deliberately concealed payments that showed Glencore paid bribes worth a total of $29m to secure its access to oil in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan.
