RE: RNS23 Aug 2024 10:39
And excerpt form the judgement
Finally, I turn to Count 7. This too is a section 7 offence. Large cash withdrawals were
again made in the Swiss office, with the false description of office opening expenses.
Employees travelled to South Sudan by private jet in August 2011, very shortly after it
had obtained independence in July 2011, with US$800,000 in cash. This was used for
bribes. Shortly afterwards a joint venture, in whom Glencore had an interest, received
a lucrative contract for two million barrels of crude oil. There were however only two
such payments, and early admissions were made by the company. I also assess the
correct multiplier for this to be slightly lower than the category range starting point, and
to be 275%.