Gary Nagle says the company expects to settle investigations in the US, UK and Brazil, and vowed that “we won’t see that ever again in this business.”
will be resolved by the end of this year at a cost of around $US1.5 billion . The company is seeking to draw a line under its past, Nagle said.
While leaving a stain on the blue-chip company, a settlement would be relief for investors - Glencore can afford a fine of that size and it removes a big question mark. It will also cap a period of wider change at the company that started with the departure of many of Glasenberg’s long-time lieutenants and culminated in the swashbuckling South African’s own exit last year.
But its willingness to gamble caught up with Glencore in 2018, when the DoJ rocked the company by launching its investigation, followed by probes from authorities in the UK, Brazil, Switzerland and the Netherlands. Anthony Stimler, who struck a cooperation deal with US authorities, laid out a lurid tale of paying intermediaries in Nigeria to be passed on to Nigerian state-owned oil company officials in return for getting oil cargo’s from the West African country.The company’s operations in the Congo, where it worked with Israeli billionaire Dan Gertler, also drew the attention of regulators. Gertler has been implicated in previous British and American bribery investigations. The U.S.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Booming BHP sees the bright side on inflationOPINION: BHP’s huge profit shows it’s balancing operational excellence with strategic moves. Chief executive Mike Henry says more inflation is coming, but it will create two opportunities.
Read more »
Australia Post boss defends $170,000 bonuses for highly paid staffThirty-one Australia Post employees who earned a base salary between $300,000 and $400,000 took home, on average, a “short-term incentive” bonus of $168,000 in 2020-21.
Read more »
Australia Post boss defends $170,000 bonuses for highly paid staffThirty-one Australia Post employees who earned a base salary between $300,000 and $400,000 took home, on average, a “short-term incentive” bonus of $168,000 in 2020-21.
Read more »
End lockdowns, treat COVID-19 like flu and gastro, aged care boss saysConfining aged care residents to their rooms must be replaced by managing coronavirus like flu or gastro outbreaks, says the boss of a nursing home group that has successfully fought back the virus.
Read more »
Borrowers can handle higher rates, says Bendigo bossBendigo and Adelaide Bank boss Marnie Baker says the lender’s home loan customers and the wider economy can cope with a gradual rise in interest rates.
Read more »
‘Grey corruption’ cuts our living standards, so it’s a shame they shelved the integrity commissionDecades of economic research have illuminated the relationship between government corruption and economic stagnation. It has also identified the reason corruption is such a handbrake on growth, writes Danielle wood. | OPINION Corruption ICAC
Read more »