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Anti Bribery Corruption

Anti bribery and corruption fines and investigations in commodities

The past weeks have seen a large anti bribery and corruption fine in commodities as well as the announcement of a new investigation.

Gunvor Group were fined almost 94 million Swiss Francs by for bribery and corruption failures relating to activity in Congo Republic and Ivory Coast. The fine was  levied in Switzerland and is reported here on the Reuters web site. The fine includes an amount that is levied for failure in anti-bribery and corruption measures.

Yesterday it was publicised that Glencore Plc are being investigated by the UK’s Serious Fraud Office . The SFO notice is here, with an article on the topic on the City AM web site here. There are suggestions in the article and others that the investigations relate to  dealings in the Democratic Republic of Congo (DRC) but this is not contained in the official announcement. It was previously reported that the SFO were investigating Glencore in relation to DRC dealings, for example here on the Bloomberg web site.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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