Billionaire Glencore oil boss and four others charged in African bribery probe

Billionaire former Glencore oil chief Alex Beard and four others have been charged with conspiring to make corrupt payments following an investigation into bribery allegations in Africa.

In 2019, the UK Serious Fraud Office (SFO) opened an investigation into the West African office of the London-based commodities trader.

Beard, who headed Glencore’s oil division from 2007 to 2019, became a billionaire when it went public in London in 2011.

But he now faces two charges of conspiring to make corrupt payments to government officials and senior officials of state-owned companies in Nigeria between 2010 and 2014 and in Cameroon between 2007 and 2014.

Beard, who had been in the inner circle of former Glencore chief executive Ivan Glasenberg, has been charged alongside Andrew Gibson, Beard’s second-in-command for several years.

The SFO has charged Gibson with four conspiracies to make corrupt payments in Nigeria and Cameroon between 2007 and 2014, and in Côte d’Ivoire between 2007 and 2010.

He is accused of conspiring to falsify invoices between 2007 and 2011.

Former employees Paul Hopkirk, Ramon Labiaga and Martin Wakefield have also been charged with conspiring to make corrupt payments, the SFO said.

The five men will appear before Westminster Magistrates’ Court on September 10.

“Bribery harms financial markets and causes lasting damage to communities,” said SFO Director Nick Ephgrave.

‘Today’s action is an important step toward exposing foreign corruption and holding those responsible accountable.’

Glencore pleaded guilty to corruption and market manipulation in 2022, admitting it paid to win business in eight countries and ended up paying around £1bn to settle international investigations.

Yesterday, it was reported: ‘Glencore notes the charges brought against five former employees. Glencore cooperated with the SFO in its investigation into this past conduct and resolved its investigation in 2022.

“This conduct has no place at Glencore. We are committed to acting ethically and responsibly in all aspects of our business and have taken significant steps to develop a world-class ethics and compliance programme.”

Despite the scandals, there were high hopes that when CEO Gary Nagle succeeded Glasenberg in 2021, he would repair the damage to its reputation.

But activist investor Bluebell Capital has attacked Nagle, calling him an Austin Powers-style “Mini-Me” version of Glasenberg, who remains a major shareholder with a 10 percent stake.