Glencore Bribery Investigation Delayed
The Serious Fraud Office (SFO) has delayed its decision on whether to prosecute Glencore Plc for bribery until next year. The SFO has been investigating the company since 2017, when it launched a probe into allegations that Glencore had bribed officials in the Democratic Republic of Congo and Venezuela.
Background of the Investigation
Glencore is a Swiss-based commodities trading and mining company. It is one of the world’s largest producers of copper, cobalt, and zinc. The company has been under investigation by the SFO since 2017, when it launched a probe into allegations that Glencore had bribed officials in the Democratic Republic of Congo and Venezuela.
The SFO has been looking into allegations that Glencore paid bribes to officials in the two countries in exchange for access to lucrative mining contracts. The SFO has also been investigating whether Glencore failed to prevent bribery by its employees and agents.
Delay of the Investigation
The SFO has now announced that it will delay its decision on whether to prosecute Glencore until next year. The delay is due to the fact that the SFO is still in the process of interviewing former Glencore employees.
The SFO has said that it is “not in a position to make a decision on whether to bring charges” until it has completed its interviews with former Glencore employees. The SFO has not given a specific timeline for when it expects to complete its interviews.
Reaction from Glencore
Glencore has said that it is “cooperating fully” with the SFO’s investigation. The company has also said that it is “confident” that it has not engaged in any wrongdoing.
Implications of the Delay
The delay in the SFO’s decision has implications for Glencore’s business. The company has been under pressure from investors to resolve the investigation as soon as possible. The delay means that the investigation will continue to hang over the company for the foreseeable future.
The delay also means that Glencore will continue to face uncertainty over its future. The company has been struggling in recent years, and the ongoing investigation has added to its woes.
Outlook
It is unclear when the SFO will make a decision on whether to prosecute Glencore. The SFO has said that it is “not in a position to make a decision” until it has completed its interviews with former Glencore employees. Until then, the investigation will continue to hang over the company.