US fines Glencore $700m, leaves guilty parties unscathed

By Julian Pecquet, in Washington

Posted on Friday, 3 March 2023 12:43, updated on Friday, 10 March 2023 20:04
Glencore's headquarters in Baar, Switzerland, in 2020. © Fabrice COFFRINI/AFP

A federal judge in New York this week fined Swiss-based commodity trading and mining giant Glencore $700m for corrupt practices while once again failing to name the guilty parties.

Judge Loma Schofield on 28 February imposed a $428.5m fine on the company and another $272.2m in criminal forfeiture – the seizure of money connected to the illegal activity – after Glencore pleaded guilty last May to violating the Foreign Corrupt Practices Act.