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BlogThis Week in Compliance

Glencore Pleads Guilty to Bribery in Corruption Probe

By Brad Fulton

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Glencore Pleads Guilty to Bribery in Corruption Probe

Glencore Energy UK has pleaded guilty to bribery allegations stemming from a probe by UK’s Serious Fraud Office (SFO) under the 2010 Bribery Act. The company was convicted of paying EUR 4.7M in bribes to officials in Nigeria and Cameroon between 2011 and 2016. The latest conviction comes after a string of guilty pleas for bribery in the US. Last month, the company also agreed to pay USD 1.1B in fines to US authorities.

Business

Cisco Wins Patent Infringement Appeal, Retains USD 2.75B in Damages

A U.S. appeals court ruled in favor of Cisco Systems, Inc. by throwing out a ruling by a judge whose wife owned stock in the company. In 2020, Cisco was ruled to be in violation of patent infringement in a lawsuit filed by Virginia-based cybersecurity company Centripetal Networks, Inc. The company claimed that Cisco was in violation of patents they held on five cybersecurity products and intellectual property. The appeal overturns more than USD 2.75B in damages previously owed by Cisco.

Government

Peru President Questioned Over Corruption

Peruvian president Pedro Castillo was questioned by authorities this week under suspicion of corruption by his government’s officials. Castillo previously attempted to throw out the investigation, arguing that he should have recognized immunity as a sitting president. Authorities said that due to the severity of the corruption that he knowingly allowed to happen by government officials installed at his behest, the investigation would continue.

Czech Republic Education Minister Resigns Amid Corruption Scandal

Petr Gazdik, Education Minister for the Czech Republic, has resigned this week following a corruption and bribery scandal linked to the Prague Transport Company. The PTC is allegedly involved in a scandal that includes links to organized crime and drug trafficking. While Gasdik is not being charged with specific crimes related to the PTC, he is accused of having close ties and meeting with Michael Redl, an organized crime boss currently serving a prison sentence in South Africa. Gasdik said that by resigning, he seeks to mitigate any reputational damage to his political party.