Glencore to pay $152M to settle Swiss bribery probe

seekingalpha08-05

Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) was ordered Monday to pay $152M in fines and compensation for failing to take sufficient measures to prevent bribery by its business partner over the acquisition ...

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Glencore's   \"failure to take all necessary and reasonable organizational measures\" warrants a fine of 2M Swiss francs and $150M in compensation, the office of the Switzerland Attorney General said in a statement. The company said it did not admit to the findings of the Swiss Attorney General, but has agreed not to appeal the penalty order so it can resolve the attorney general's probe. 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Glencore's (OTCPK:GLCNF) (OTCPK:GLNCY) \"failure to take all necessary and reasonable organizational measures\" warrants a fine of 2M Swiss francs and $150M in compensation, the office of the Switzerland Attorney General said in a statement. The company said it did not admit to the findings of the Swiss Attorney General, but has agreed not to appeal the penalty order so it can resolve the attorney general's probe. 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