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The tech sector has been thumped and iron ore prices have rebounded leaving Gina Rinehart, the founder of Pilbara iron ore mine Roy Hill, firmly on first place with an estimated $34.02 billion fortune.
(Bloomberg) -- Glencore Plc has closed the “cash desks” in London and Switzerland that once dispensed money for bribes. Employees implicated in sweeping, cross-border corruption investigations are gone. New safeguards are in place, and boss Gary Nagle says it’s a “different company.” Now he will have to prove it. Glencore this week agreed to plead guilty to a web of bribery and price manipulation charges that stretch from Venezuela to Nigeria and Los Angeles in deals with the US, UK and Brazil. The penalties will total about $1.5 billion but there’s a longer-lasting requirement -- ...
There is a lot that is very easy to understand about Glencore’s long-awaited acknowledgement that it paid bribes to officials in Nigeria, Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, South Sudan, Venezuela and Brazil – for which it is paying a fine of $1.5-billion.
“Bribery was built in to the corporate culture,” Manhattan US Attorney Damian Williams said as the commodities giant agreed to pay about $US1.5 billion to settle US, UK and Brazilian probes.
Prosecutors say commodities trader approved millions of dollars in corrupt payments for oil access in Africa.