Glencore plc · bribery · market manipulation · commodities · criminal prosecution · plea agreement
Did Glencore plead guilty to bribery and market manipulation in the US and UK?
Yes. On 24 May 2022 Glencore International A.G. pleaded guilty in the US to conspiracy to violate the Foreign Corrupt Practices Act and Glencore Ltd. pleaded guilty to conspiracy to manipulate commodity prices, in resolutions the Justice Department put at over 1.1 billion dollars. Glencore Energy (UK) Ltd pleaded guilty to seven Bribery Act counts in England on 21 June 2022 and was sentenced on 3 November 2022 to pay about 281 million pounds including costs. The Justice Department ended both US monitorships early in March 2025. Six former Glencore employees charged by the Serious Fraud Office deny the charges and are listed for trial on 4 October 2027.
Last verified 30 October 2026. United States · United Kingdom · Brazil · Switzerland
The record at a glance
| What was alleged? | The US Department of Justice alleged that Glencore entities paid bribes to officials in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea, Brazil, Venezuela and the Democratic Republic of the Congo to obtain oil and other business, and manipulated fuel oil prices. The Serious Fraud Office charged Glencore Energy (UK) Ltd with bribery offences, saying bribes worth over 25 million dollars were paid by its agents and employees to gain preferential access to oil.1,2 |
|---|---|
| Who made the claim? | US Department of Justice and UK Serious Fraud Office, 24 May 2022 |
| How did Glencore respond? | Glencore's position is that it acknowledges the misconduct identified in the investigations, has cooperated with the authorities, and is not the company it was when the practices occurred.3 (the subject's position) |
| Was there an official finding? | Two Glencore entities pleaded guilty in US federal courts on 24 May 2022 and Glencore Energy (UK) Ltd pleaded guilty to seven Bribery Act counts on 21 June 2022.1,2 The US monitorships imposed under the 2022 plea agreements were ended early in March 2025.7,8,9 The charges against six former Glencore employees in England have not been tried.6 |
| Was liability determined? | Admitted by the subject. Corporate liability was admitted by the guilty pleas of Glencore International A.G., Glencore Ltd. and Glencore Energy (UK) Ltd, and Glencore Energy (UK) Ltd was sentenced on its pleas. The individual former employees charged in England deny the charges, are presumed innocent and await trial.1,2,6 |
| What changed later? | As of 30 October 2026 the corporate guilty pleas stand, the US monitorships ended early in March 2025, and the UK prosecution of six former employees awaits trial from 4 October 2027.1,6,7,8 |
| When was this checked? | 30 October 2026 |
What was alleged?
The US Department of Justice alleged that Glencore entities paid bribes to officials in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea, Brazil, Venezuela and the Democratic Republic of the Congo to obtain oil and other business, and manipulated fuel oil prices. The Serious Fraud Office charged Glencore Energy (UK) Ltd with bribery offences, saying bribes worth over 25 million dollars were paid by its agents and employees to gain preferential access to oil.1,2
Made by US Department of Justice and UK Serious Fraud Office on 24 May 2022.
What did Glencore say?
Glencore's position is that it acknowledges the misconduct identified in the investigations, has cooperated with the authorities, and is not the company it was when the practices occurred.3
"Glencore today is not the company it was when the unacceptable practices behind this misconduct occurred."
Kalidas Madhavpeddi, Chairman, Glencore (company statement), 24 May 2022. This is the subject's own account, not a finding.
What do independent records show?
Guilty pleas by Glencore International A.G. (FCPA conspiracy, S.D.N.Y.) and Glencore Ltd. (commodity price manipulation conspiracy, D. Conn.)
US Department of Justice, US District Court for the Southern District of New York and US District Court for the District of Connecticut, 24 May 2022
For the FCPA case, a criminal fine of 428,521,173 dollars and forfeiture and disgorgement of 272,185,792 dollars. For the manipulation case, a criminal fine of 341,221,682 dollars and forfeiture of 144,417,203 dollars. Each entity was to retain an independent compliance monitor for three years. The Department credited payments to the CFTC, a UK court and Swiss authorities and noted a parallel resolution in Brazil.1
Guilty plea, Glencore Energy (UK) Ltd, seven counts under the Bribery Act 2010
Southwark Crown Court and Serious Fraud Office, 21 June 2022
Glencore Energy (UK) Ltd pleaded guilty to all seven counts charged by the SFO on 24 May 2022, which Glencore describes as five counts of bribery and two counts of failure to prevent bribery.2,4
Sentence, Glencore Energy (UK) Ltd
Southwark Crown Court (Mr Justice Fraser), 3 November 2022
The SFO describes a penalty and confiscation totalling about 280 million pounds. The Law Society Gazette reported a fine of 182.9 million pounds and a confiscation order of 93.5 million pounds, about 281 million pounds with costs, and named Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan as the countries involved. Glencore gave the total penalty and costs as 280,965,092.95 pounds.2,4,5
Charges against former Glencore employees
Serious Fraud Office, 1 August 2024
The SFO charged Alex Beard, Andrew Gibson, Paul Hopkirk, Ramon Labiaga and Martin Wakefield with conspiring to make corrupt payments in connection with oil contracts in Cameroon, Nigeria and Ivory Coast between 2007 and 2014. David Perez was charged for the first time at the 10 September 2024 hearing. Gibson, Wakefield and Perez are also charged with falsifying documents for an accounting purpose.6
Summary penalty order against Glencore International AG (as disclosed by Glencore)
Office of the Attorney General of Switzerland, 5 August 2024
Glencore states in a US securities filing that Glencore International was fined 2 million Swiss francs by summary penalty order.7
Court filings ending the monitorships early (as reported)
US Department of Justice, 19 March 2025
E&E News reported that the Department told the court it was using its sole discretion under the plea agreement to terminate the monitorship early, effective that day, having assessed the facts and circumstances. Law360 reported that both monitorships were ended early. Glencore states that in March 2025 the Department announced the early conclusion of the monitorships.7,8,9
Arraignment of Wakefield, Perez, Hopkirk and Labiaga
Southwark Crown Court, 10 November 2025
All four pleaded not guilty to all charges. The SFO lists the trial for 4 October 2027.6
Arraignment of Alex Beard and Andrew Gibson (as reported)
Southwark Crown Court, 10 September 2026
Reuters reported that Beard pleaded not guilty to two counts of conspiracy to make corrupt payments and Gibson to four such counts and one count of conspiracy to falsify documents, and that all six are due to stand trial in October 2027. TXF separately reported Beard's not guilty plea.10,11
What was established?
- Two Glencore entities pleaded guilty in US federal courts on 24 May 2022 and Glencore Energy (UK) Ltd pleaded guilty to seven Bribery Act counts on 21 June 2022.1,2
- The US monitorships imposed under the 2022 plea agreements were ended early in March 2025.7,8,9
- The charges against six former Glencore employees in England have not been tried.6
Distinctions that matter here
- The corporate guilty pleas do not establish the guilt of any individual. The former employees deny the charges and have not been tried.
- Ending a monitorship early is not a withdrawal of the convictions.
Was liability determined?
Admitted by the subject. Corporate liability was admitted by the guilty pleas of Glencore International A.G., Glencore Ltd. and Glencore Energy (UK) Ltd, and Glencore Energy (UK) Ltd was sentenced on its pleas. The individual former employees charged in England deny the charges, are presumed innocent and await trial.1,2,6
What remains unresolved?
- Trial of the six former Glencore employees, listed for 4 October 2027 at Southwark Crown Court.
- The Justice Department court filings ending each US monitorship were not read, so the exact filing date in each court rests on news reporting.
- The outcome of the Dutch investigation noted by Glencore in 2022 was not checked here.
What is the current status?
As of 30 October 2026 the corporate guilty pleas stand, the US monitorships ended early in March 2025, and the UK prosecution of six former employees awaits trial from 4 October 2027.1,6,7,8
As of 30 October 2026. Next known step: 4 October 2027 trial of six former Glencore employees, Southwark Crown Court.
Timeline
- SFO announces its investigation of the Glencore group of companies.2
- US guilty pleas entered and SFO charges Glencore Energy (UK) Ltd.1,2
- Glencore Energy (UK) Ltd pleads guilty.2
- Glencore Energy (UK) Ltd sentenced.2,4
- SFO charges five former employees.6
- Swiss summary penalty order against Glencore International, according to Glencore.7
- Six former employees appear at Westminster Magistrates' Court.6
- Justice Department ends the monitorships early, as reported.8,9
- Four former employees plead not guilty.6
- Beard and Gibson plead not guilty, as reported by Reuters.10
Sources
- US Department of Justice, Office of Public Affairs, Glencore Entered Guilty Pleas to Foreign Bribery and Market Manipulation Schemes, 24 May 2022 · document record Government, parliamentary or audit document
- Serious Fraud Office, Glencore group of companies (SFO case page) · document record Government, parliamentary or audit document
- Glencore, Glencore Reaches Coordinated Resolutions with US, UK and Brazilian Authorities, 24 May 2022 · document record Filing or formal statement by the subject
- Glencore, Glencore Energy UK Limited fully resolves investigation by UK authorities, 3 November 2022 · document record Filing or formal statement by the subject
- Law Society Gazette, SFO secures record penalty in Glencore bribery case, 3 November 2022 Independent reporting
- Serious Fraud Office, Glencore employees (SFO case page) · document record Government, parliamentary or audit document
- Glencore (SEC filing), Schedule 13D Amendment No. 29, Century Aluminum Company, filed by Glencore plc, Glencore International AG and Glencore AG, 11 November 2025 · document record Filing or formal statement by the subject
- E&E News, DOJ cuts short oversight of energy behemoth Glencore in bribery case, 20 March 2025 Independent reporting
- Law360, DOJ Ends Glencore Monitorships Under Bribery Deal Early, 21 March 2025 Independent reporting
- Kitco (Reuters), Ex-Glencore head of oil pleads not guilty to UK bribery charges ahead of 2027 trial (Reuters), 10 September 2026 Independent reporting
- TXF, Ex-Glencore oil head Beard pleads not guilty Independent reporting
Revision history
- 30 October 2026: First published after source verification.
Related: Glencore plc, bribery, market manipulation, commodities, criminal prosecution, plea agreement, United States, United Kingdom, Brazil, Switzerland. To submit a document or request a correction, see right of reply.