Africa Monitor

Africa Monitor Intelligence

Equatorial Guinea: Large Scale Glencore Bribes Compromise Gabriel Obiang

Equatorial Guinea is one of five African countries where oil trader Glencore paid at least USD 29 million in bribes between 2011-2016. The other countries are Cameroon, Ivory Coast, Nigeria and South Sudan, according to an investigation by the Serious Fraud Office/UK (SFO). Glencore admitted the bribes in JUN. and that the aim was to secure supply and investment contracts.

The company reached an agreement with the SFO on 03.NOV, to pay USD 400 million in compensation to the British State. Glencore has a branch in London (Glencore Energy UK) covering the West African region.

At the same time, the US Department of Justice (DoJ) accused Glencore of paying, between 2007-2018, more than USD 100 million to various intermediaries and officials in Cameroon, Cote d'Ivoire, Equatorial Guinea, Nigeria, Democratic Republic of Congo, Venezuela and Brazil. In total, Glencore's corrupt practices spanned over a decade and eight countries. READ MORE