The Department of Justice is no longer requiring independent monitoring of the global mining and energy trading behemoth Glencore, cutting short a requirement that was part of a billion-dollar foreign bribery and market manipulation settlement.
DOJ attorneys in court documents on Wednesday said they were using their “sole discretion” under a plea agreement with Glencore to “terminate the monitorship early, effective today,” after “having assessed the facts and circumstances.”
The original U.S. charges stemmed from allegations of corruption involving the company’s operations in the Democratic Republic of Congo, Nigeria and Venezuela, which prompted bribery and market manipulation investigations into Glencore by DOJ and the Commodity Futures Trading Commission.
In 2022, Glencore agreed to pay up to $1.5 billion to authorities in the U.S., United Kingdom and Brazil to end the investigations. While Glencore International AG pleaded guilty to a count of conspiring to violate U.S. foreign corrupt practices laws, Glencore Ltd. pleaded guilty to a count of conspiring to manipulate commodity market prices.
