RE: RE: RE: This doesn’t look good6 Nov 2022 12:59
core making money now everyone wants a taste Mubadala Investment Company, an Abu Dhabi sovereign wealth fund whose board includes the Sheikh, is pursuing the crisis-hit Anglo-Swiss multi-national commodity trading and mining company in a joint action alongside dozens of other major firms, including HSBC and Standard Life.
Glencore was last week ordered to pay £281million by a London court. The Serious Fraud Office (SFO) said group subsidiary Glencore Energy UK facilitated the payment of millions of dollars in bribes to officials in five African countries.
Prosecutors said Glencore's employees and agents used private jets to transfer cash to pay the bribes.
Hopes of drawing a line under the scandal have been dashed after documents seen by The Mail on Sunday revealed a wave of incoming legal claims against Glencore, which experts believe could add up to billions of pounds.
It is feared that the litigation could run for years against Glencore and may entangle board members past and present, including former chief executive Ivan Glasenberg and current non-executive director Peter Coates.
The bribery case relates to about $26million (£23million) that was paid to officials of crude oil firms in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea and South Sudan from 2011 to 2016.