AIRLINK 193.50 Decreased By ▼ -1.51 (-0.77%)
BOP 9.64 Decreased By ▼ -0.13 (-1.33%)
CNERGY 7.53 Increased By ▲ 0.17 (2.31%)
FCCL 37.70 Decreased By ▼ -1.07 (-2.76%)
FFL 15.60 Increased By ▲ 0.01 (0.06%)
FLYNG 25.59 Increased By ▲ 0.18 (0.71%)
HUBC 127.07 Decreased By ▼ -1.55 (-1.21%)
HUMNL 13.50 Decreased By ▼ -0.31 (-2.24%)
KEL 4.58 Increased By ▲ 0.09 (2%)
KOSM 6.10 Decreased By ▼ -0.20 (-3.17%)
MLCF 43.96 Decreased By ▼ -0.83 (-1.85%)
OGDC 203.24 Decreased By ▼ -0.36 (-0.18%)
PACE 6.40 Decreased By ▼ -0.02 (-0.31%)
PAEL 40.98 Decreased By ▼ -0.15 (-0.36%)
PIAHCLA 17.49 Increased By ▲ 0.77 (4.61%)
PIBTL 7.66 Decreased By ▼ -0.02 (-0.26%)
POWER 9.08 Increased By ▲ 0.04 (0.44%)
PPL 174.25 Increased By ▲ 0.34 (0.2%)
PRL 38.07 Decreased By ▼ -1.01 (-2.58%)
PTC 24.07 Decreased By ▼ -0.97 (-3.87%)
SEARL 107.24 Decreased By ▼ -1.82 (-1.67%)
SILK 0.97 Decreased By ▼ -0.02 (-2.02%)
SSGC 36.40 Decreased By ▼ -1.74 (-4.56%)
SYM 19.04 Decreased By ▼ -0.45 (-2.31%)
TELE 8.24 Decreased By ▼ -0.12 (-1.44%)
TPLP 11.78 Decreased By ▼ -0.35 (-2.89%)
TRG 64.88 Increased By ▲ 0.09 (0.14%)
WAVESAPP 11.63 Increased By ▲ 1.06 (10.03%)
WTL 1.68 Decreased By ▼ -0.01 (-0.59%)
YOUW 3.85 Decreased By ▼ -0.02 (-0.52%)
BR100 11,768 Decreased By -120.3 (-1.01%)
BR30 34,964 Decreased By -255.4 (-0.73%)
KSE100 111,487 Decreased By -543 (-0.48%)
KSE30 34,934 Decreased By -201.5 (-0.57%)

NEW YORK: A US judge on Tuesday ordered Glencore Plc to pay $700 million in connection with its guilty plea over a decade-long scheme to bribe foreign officials across several countries.

The sentence handed down by US District Judge Lorna Schofield in Manhattan federal court consisted of a $428.5 million fine and $272 million in forfeiture, in line with a plea deal reached last May between the mining and commodity trading giant and federal prosecutors in Manhattan.

Prosecutors have said Glencore paid more than $100 million in bribes to officials in countries including Nigeria, Brazil, Venezuela and the Democratic Republic of the Congo to win business or avoid audits.

The fine is 15% below what US sentencing guidelines recommend and reflects credit for Glencore’s cooperation, including by providing documents that were located abroad and investing “significant resources” in improving ethics and compliance, prosecutors said.

Overall, the Swiss-based multinational has said it expects to pay more than $1.5 billion to settle bribery and market manipulation accusations, including more than $1 billion in the United States.

Last year, Glencore was ordered to pay $341 million in fines and $144 million in forfeiture after pleading guilty to a market manipulation charge in Connecticut federal court.

Comments

Comments are closed.