The Glencore Scandal: A Deep Dive into Asset Recovery and Global Justice

Written by Andi Shehu, CiFAR.


Glencore, a giant in the world of multinational commodities trading and mining, has found itself at the epicentre of one of the biggest corporate scandals in recent history. Allegations of widespread bribery and corruption have not only tarnished the company’s reputation, but also raised urgent questions about the ethical conduct of multinational corporations. For those unfamiliar with the unfolding saga, Glencore stands accused of using illicit means to secure business advantages in several countries, mainly in Africa. This post looks at the origins of the scandal, its impact on different countries and the concerted efforts being made to ensure justice and redress for affected communities.


The roots of the Glencore scandal can be traced back to the company’s operations in several countries, where it is alleged that bribes and other illicit means were used to secure business advantages. While these allegations were initially dismissed by many as mere corporate manoeuvring, they soon gained traction as investigative bodies around the world began to uncover evidence of Glencore’s wrongdoing.

In Nigeria, for example, the company was accused of flying in cash bribes on private jets, a revelation that shocked many for its audacity. Similarly, Glencore’s operations in Cameroon, Ivory Coast and other African countries have been tainted by allegations of bribery and corruption, leading to widespread investigations and legal action.

The gravity of the situation became even more apparent when global bodies such as the US Department of Justice and the UK Serious Fraud Office launched investigations into Glencore’s operations. These investigations revealed a seeming pattern of behaviour in which Glencore was alleged to have manipulated markets, secured illicit deals and undermined local governance structures to further its business interests.

But it wasn’t just the scale of the alleged bribes that shocked many, it was the systematic nature of the wrongdoing. From securing oil contracts in Nigeria to manipulating commodity prices in Venezuela, Glencore’s operations appeared to be driven by a single goal: profit at all costs.

This revelation led to a global outcry, with many demanding accountability and justice. The fines and legal action against Glencore, while significant, were seen by many as just the tip of the iceberg.

Timeline of events

Country-Specific Implications and Asset Recovery

  • Nigeria: Nigeria’s dealings with Glencore have been contentious. [JO3] [AS4] [AS5] The manner in which these bribes were allegedly delivered, including through private jets, adds a layer of intrigue. Despite the evidence and the fines in the UK, Nigeria’s bid for compensation was denied by a London court, leaving questions about restitution.
  • Cameroon: The nation’s proactive stance against Glencore’s alleged malpractices is commendable. Akere Muna’s relentless push for transparency and accountability, showcases the country’s commitment to justice. Investigations into Glencore’s bribery allegations are ongoing, with the nation’s anti-graft agency leading the charge.
  • Ivory Coast: Glencore’s operations in Ivory Coast have faced significant scrutiny. The company’s UK subsidiary’s guilty plea to bribery charges in Africa, as reported by multiple sources including Reuters and Al Jazeera, underscores the depth of the issue.
  • Venezuela: The South American nation’s dealings with Glencore have also been under the microscope. Detailed investigations by Stanford’s FCPA and Bloomberg reveal a pattern of bid-rigging and market manipulation that has cost Venezuela’s oil industry billions.
  • DRC: The Democratic Republic of Congo’s interactions with Glencore have been fraught with challenges. Allegations of corruption have led to Glencore agreeing to pay $180 million over past conduct.
  • South Sudan: Glencore’s operations in South Sudan have also faced allegations of bribery, particularly related to oil contracts. Reports from Bloomberg and Reuters detail the extent of these allegations.
  • Brazil: Glencore’s operations in Brazil have been under the scanner for alleged corruption. The company reached coordinated resolutions with US, UK, and Brazilian authorities, as detailed by Glencore’s official statement.

Efforts for Asset Recovery and Restitution

The global outcry over Glencore’s alleged misdeeds has led to concerted efforts to recover and return assets. Organisations such as the Extractive Industries Transparency Initiative (EITI) have been vocal in demanding justice. The Chair of the EITI Board has also made an official statement emphasising the need for transparency and accountability in the extractive industries.

The road to asset recovery is, however, fraught with challenges. While fines and legal action serve as punitive measures, ensuring that affected communities receive due compensation is a complex task. The intricate web of global finance, coupled with jurisdictional challenges, often hinders speedy restitution.

The Glencore scandal is a stark reminder of the challenges posed by unchecked corporate power. While the legal actions and fines against Glencore are significant, they are only one step on the long road to justice. Asset recovery and restitution must be vigorously pursued to ensure justice and accountability. The global community must come together to ensure that such scandals do not happen again and that corporations are held accountable for their actions.