Glencore pays up to $1.5B to resolve corruption claims

BERLIN (AP) — 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 UK 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. U.S. officials called the scale of the bribery “staggering.”