Posts

Glencore pays up to $1.5B to resolve corruption claims

Image
BERLIN -- Commodities firm Glencore says it has reached deals with authorities in the United States, Britain and Brazil to resolve corruption allegations in return for penalties totaling up to $1.5 billion. The Anglo-Swiss company said late Tuesday that it will pay $700 million to resolve a U.S. bribery probe and a further $486 million in connection with allegations of market manipulation. Glencore said that about $166 million in fines agreed with the U.S. authorities will be credited to a parallel investigation by the U.K. Serious Fraud Office, where it has indicated that it will plead guilty to bribery at a hearing next month. Separately, the company is paying $40 million to resolve a bribery probe in Brazil. The U.S. Department of Justice said its case against the company related to “a decade-long scheme by Glencore and its subsidiaries to make and conceal corrupt payments and bribes” to foreign officials in Africa and Latin America. “The scope of this criminal bribery scheme is s...
Post a Comment
Read more

Saving the children: War closes in on eastern Ukrainian town

Image
BAKHMUT, Ukraine -- Chunks of thick, twisted metal and wood splinters lie among the swings and slides in the playground outside a bombed-out school. Some streets away, a yellow bathtub dangles over the void left when part of an apartment building collapsed in a bombing. The eastern Ukrainian town of Bakhmut has been coming under increasing bombardment in Russia's war, particularly over the last week, local officials and residents say, as Russian forces try to press forward in an effort to encircle and capture the key city of Sieverodonetsk to the northeast. Moscow-backed separatists have fought Ukrainian forces in the Donbas for eight years and hold large swaths of territory. Sieverodonetsk and neighboring cities are the only part of the Donbas’ Luhansk region still under Ukrainian government control. Most of Bakhmut’s population has already fled, and more are leaving every day. Evacuation minibuses run mainly by volunteers shuttle back and forth, sometimes even during bombardment...
Post a Comment
Read more