Yesterday, US law enforcement authorities revealed that Glencore agreed to plead guilty to a web of bribery and price manipulation charges that stretch from Venezuela to Nigeria and Los Angeles in deals with the US, UK and Brazil. Glencore is the largest among a handful of companies that dominate global trading of oil, fuel, metals, minerals and food. Following this embarrassing revelation, the mining company has agreed to pay over $1.1 billion to resolve the government’s investigations into violations of the Foreign Corrupt Practices Act (FCPA) and a commodity price manipulation scheme.
Guest: Christopher Ruthledge, Executive Director at MACUA/WAMUA ADVICE OFFICE