A former UK-based oil trader at Glencore pleaded guilty in the US to participating in an international scheme to bribe officials in Nigeria to win favourable treatment from the state-owned oil company. “The conduct described in the plea is unacceptable and has no place in Glencore,” the company said in a statement. Stimler admitted to conspiring to violate the Foreign Corrupt Practices Act and to commit money laundering. The charges against Stimler refer to seven co-conspirators, including citizens of the U.K., Nigeria, Mexico, Spain and Israel. Four months ago, a former Glencore trader pleaded guilty to manipulating an oil price benchmark, allowing the world’s largest commodities trader to profit from the price swings and enriching himself.

Source: News 24 July 27, 2021 06:56 UTC