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illuminem summarizes for you the essential news of the day. Read the full piece on Bloomberg or enjoy below:
🗞️ Driving the news: Alex Beard, Glencore's ex-head of oil, and four other former employees were charged with corruption by the UK’s Serious Fraud Office (SFO)
• The allegations involve making corrupt payments to benefit Glencore’s oil operations in West Africa
🔭 The context: The charges span activities from 2007 to 2014, involving payments to government officials and employees of state-owned oil firms in Nigeria, Cameroon, and Ivory Coast
• Beard left Glencore in 2019, subsequently founding Adaptogen Capital
🌍 Why it matters for the planet: This case highlights ongoing issues of corruption in the global commodities trading industry, which can undermine efforts to ensure ethical business practices and equitable resource distribution
⏭️ What's next: The accused are set to appear in Westminster Magistrates Court on September 10
• The outcome could impact Glencore's operations and compliance practices in the future
💬 One quote: “Today’s action is an important step toward exposing overseas corruption and holding those who are responsible to account,” said Nick Ephgrave, SFO director
📈 One stat: Glencore paid about $1.5 billion in 2022 to resolve corruption and market manipulation cases in the US and UK
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