FT: UK charges Glencore’s billionaire ex-head of oil over corrupt payments

The UK Serious Fraud Office has charged Alex Beard, Glencore's ex-head of oil, and four former executives with conspiracy to make corrupt payments. This follows a long investigation into bribery allegations by the UK-listed commodity trader in Africa. Beard, a billionaire since Glencore's 2011 listing, and his colleagues must appear in court on September 10. The charges stem from oil contracts and bribery in Nigeria, Cameroon, and the Ivory Coast..Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here..Join us for BizNews' first investment-focused conference on Thursday, 12 September, in Hermanus, featuring top experts like Frans Cronje, Piet Viljoen, and more. Get insights on electricity and exploiting SA's gas bounty from new and familiar faces. Register here..By Suzi Ring and Tom Wilson in London.Alex Beard and four other former employees of UK-listed commodity trader charged after long-running bribery probe .___STEADY_PAYWALL___.The UK Serious Fraud Office has charged Glencore's billionaire ex-head of oil Alex Beard and four other former executives with conspiring to make corrupt payments after a long-running investigation into allegations of bribery by the UK-listed commodity trader in Africa..Beard, who ran Glencore's oil division between 2007 and his retirement in 2019, became a billionaire when the company listed in London in 2011 and is the highest profile commodity trader to be charged with corruption in the UK..Beard was charged along with former colleagues Andrew Gibson, Paul Hopkirk, Ramon Labiaga and Martin Wakefield in relation to oil contracts awarded in Glencore's interests, the SFO said on Thursday. The defendants must appear before Westminster Magistrates' Court on September 10..The fraud agency first opened an investigation into Glencore in 2019 over allegations of bribery connected to its London-based West Africa desk, which sourced and traded crude oil across the continent. The SFO was initially planning to announce charges last year but was forced to delay the decision after it received more evidence..Beard, 56, faces two counts of conspiring to make corrupt payments to government officials and officials of state-owned companies in Nigeria between 2010 and 2014 and Cameroon between 2007 and 2014, while Hopkirk, 50, and Labiaga, 55, are both facing one charge of conspiring to make corrupt payments to Nigerian officials between 2010 and 2014..Read more: 🔒 Glencore faces flood of UK litigation following bribery charges.Gibson, 64, and Wakefield, 64, have been charged with four and three counts respectively in relation to conspiracies to make corrupt payments to officials in Nigeria, Cameroon and the Ivory Coast at various periods between 2007 and 2014. The pair were also charged with one count of falsifying documents between 2007 and 2011..Glencore was founded in 1974 by Marc Rich, widely viewed as the godfather of the modern commodity trading industry, who fled to Switzerland when faced with US criminal charges in 1983 for trading with Iran..Based in the Swiss town of Baar and listed in London, Glencore has evolved into a commodity giant with mines and trading operations around the world. It has long faced scrutiny over some of its activities..The charges against the former executives are the latest in a series of cases brought by European and US prosecutors against commodity trading companies or their executives..Glencore in 2022 pleaded guilty to corruption charges in the UK and US and paid penalties totalling about $1.5bn over bribes in countries including Brazil and the Democratic Republic of Congo..In a statement on Thursday, Glencore noted the charges brought against its former employees. "Glencore co-operated with the SFO in its investigation into this past conduct and resolved its SFO investigation in 2022. This conduct has no place in Glencore.".Read more: Glencore ordered to pay $700 Million in US over bribery case.Oxford-educated Beard joined Glencore in 1995 from BP to trade Russian oil, rising to become one of former chief executive Ivan Glasenberg's key leaders and the most senior executive in the company's London office..After leaving Glencore in 2019, Beard founded investment group Adaptogen Capital to fund energy transition opportunities in the UK such as battery storage projects. He stepped down as a director last month, corporate filings show, which was confirmed by the company..The SFO had to seek permission from the attorney-general for England and Wales to bring the charges due to the legislation the SFO is using to prosecute the individuals. The UK general election meant that decision was passed from former attorney-general Victoria Prentis to the newly appointed Richard Hermer last month..The SFO was originally looking at as many as 11 former Glencore executives over the conduct. The names of suspects have been protected to date by a reporting restriction from the court.."Bribery damages financial markets and causes lasting harm to communities," said Nick Ephgrave, the SFO's director, in a statement. "Today's action is an important step towards exposing overseas corruption and holding those who are responsible to account." .Lawyers for Beard, Hopkirk and Gibson declined to comment. Lawyers for Labiaga and Wakefield did not immediately respond to requests for comment..Read also:.UK cracks down on Russia's shadow oil fleet; Starmer to meet ZelenskiyUK man's Home Affairs "extortion" nightmare🔒 Financial Times perspective: Glencore – crime probe provision marks break with colourful history.© 2024 The Financial Times Ltd.

FT: UK charges Glencore’s billionaire ex-head of oil over corrupt payments

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