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Oil tanker moored at a fuel depot
Illustrative image. Photo: Frank Schulenburg, CC BY-SA 4.0

Preferential Oil Access, Cash Desk Included — Glencore Energy UK Ltd

Sold 2011–2016 via agents and employees. Buyer pleaded guilty to all seven counts.

Sold2011–2016International
more than $25M≈ €22.3MAs stated in the source: over $25 million

Already sold, to Glencore Energy UK Ltd, in 2011–2016. Nothing on Lobay is for sale.

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Seller

Role
officials of state-owned oil companies
Institution
state-owned oil companies, including the Nigerian National Petroleum Corporation (NNPC), Cameroon's Société Nationale des Hydrocarbures (SNH) and Société Nationale de Raffinage (SNR), and Côte d'Ivoire's Petroci Holdings and Société Ivoirienne de Raffinage

Item specifics

ConditionGuilty plea (21 June 2022); sentenced 3 November 2022, Southwark Crown Court
SellerOfficials of state-owned oil companies, incl. NNPC, SNH, SNR, Petroci Holdings
Winning bidderGlencore Energy UK Ltd (United Kingdom)
CategoryOil & gas
Sold2011–2016
Payment methodVia intermediaries, agents and employees; cash under false descriptions like 'office expenses'
ReturnsNo returns. Confiscation order: £93,479,338.95 (2022)

Description

What the bribe bought

Southwark Crown Court certified £93,479,338.95 as Glencore's benefit from its general criminal conduct and ordered it confiscated.

Return on bribe: Every $1 of bribes earned about $4.99.Rough figure: the bribe is stated as “more than”, the gain as “exact”.Amounts converted with the site's rate table.

What happened

Glencore Energy UK Ltd pleaded guilty on 21 June 2022 to seven counts under the Bribery Act 2010. The Serious Fraud Office said the charges related to bribes paid by Glencore agents and employees worth over $25 million for preferential access to oil. Money moved through intermediaries, agents and employees, partly as cash from the company cash desk under false descriptions. Southwark Crown Court sentenced the company on 3 November 2022.

Read the article

Glencore group of companies · Serious Fraud Office (gov.uk)

Official record

Sentencing Remarks: Serious Fraud Office v Glencore Energy UK Ltd (Mr Justice Fraser, Southwark Crown Court) · Courts and Tribunals Judiciary

Shipping & returns

AuthorityKindAmountYear
Southwark Crown Courtconfiscation order£93,479,338.95≈ €112MAs stated in the source: £93,479,338.952022
Serious Fraud Officepenalty and confiscation of the proceeds of crime (combined, as stated by the SFO)£280M≈ €334MAs stated in the source: £280 million2022