Mining and commodity company Glencore says it has closed its cash desks in London and Switzerland that once dispensed money for bribes.
It also says employees implicated in sweeping cross-border corruption are gone, adding that it has put new safeguards in place.
Earlier this week, Glencore pleaded guilty to a web of bribery and price manipulation charges that stretched from Venezuela to Nigeria and Los Angeles in deals with the US, UK and Brazil. The penalties will total about $1.5billion.
Glencore pleads guilty to foreign bribery and market manipulation | Tshepo Mongoai
Meanwhile, mining analyst Peter Major says that the law should apply equally to anyone who is guilty of wrongdoing.
“South Africa has its own share of bribery and corruption to deal with, and how we deal with it is going to be watched by the whole world. The law was designed for everybody, the law must be applied so equally to all parties and I don’t think Glencore will complain about this. I don’t think anyone is going to complain if someone closed one of Glencore’s bank accounts if they were doing something similar to what the Guptas were when their bank account was closed. It just got to be applied equally and transparent,” says Major.
Glencore pleads guilty to foreign bribery and manipulation of markets
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