A report released by Bloomberg has found that former head of oil at Glencore Plc, Alex Beard, has been charged with corruption by the UK’s Serious Fraud Office (SFO). The billionaire previously served as one of Glencore’s top executives for over a decade until his departure in 2019, is the highest-profile individual implicated in a series of investigations into corruption and market manipulation.
The SFO alleges that Beard conspired to make corrupt payments to benefit Glencore’s oil operations in West Africa. Specifically, he is accused of making payments to government officials and employees of state-owned oil firms in Nigeria between 2010 and 2014, and in Cameroon between 2007 and 2014.
Alongside Beard, Andy Gibson, 64, Glencore’s former head of oil operations and Beard’s long-time deputy, faces charges. Gibson is accused of four conspiracies to make corrupt payments in Nigeria and Cameroon between 2007 and 2014, and in Ivory Coast between 2007 and 2010. He is also charged with conspiring to falsify invoices between 2007 and 2011.
Other former Glencore employees, Paul Hopkirk, Ramon Labiaga, and Martin Wakefield are also accused of conspiring to make corrupt payments to government officials and employees at state-owned oil companies in Nigeria, Ivory Coast, and Cameroon. Wakefield faces an additional charge of conspiring to falsify documents between 2007 and 2011.
Nick Ephgrave, director of the SFO, stated, “Today’s action is an important step toward exposing overseas corruption and holding those who are responsible to account.”
In 2022, Glencore pleaded guilty to corruption and market manipulation charges in the US and UK, admitting to paying bribes to secure business in eight countries, including Brazil and South Sudan. The company paid approximately $1.5 billion to resolve these investigations.
A Glencore spokesperson noted the charges and stated, “Glencore cooperated with the SFO in its investigation into this past conduct and resolved its SFO investigation in 2022. We are committed to acting ethically and responsibly across all aspects of our business and have taken significant action towards building a best-in-class Ethics and Compliance Programme.”
