UK court approves $105 mln confiscation order against Glencore unit

A London court approved on Thursday a confiscation order of 93.5 million pounds ($105.29 million) against the British subsidiary of mining and trading group Glencore for seven bribery offences in relation to its oil operations in Africa.

Judge Peter Fraser approved the confiscation order against Glencore Energy UK Limited at Southwark Crown Court. On Wednesday, Britain's Serious Fraud Office (SFO) told the court that Glencore Energy UK Limited paid – or failed to prevent the payment of – millions of dollars in bribes to officials in five African countries.

Employees and agents of the firm used private jets to transfer cash to pay the bribes, prosecutors said.