Friday, November 22, 2024

British billionaire charged with corruption over role in bribery scandal

Must read

All are currently on bail with no travel restrictions.

Beard, 56, faces two charges of conspiracy to make corrupt payments to government and state oil company officials in Nigeria between 2010 and 2014 and Cameroon between 2007 and 2014.

Meanwhile, Hopkirk, 50, and Labiaga, 55, each face one charge of the same relating to officials in Nigeria between 2010 and 2014.

Wakefield, 64, faces three charges of making similar payments to officials in Nigeria between 2007 and 2010, Cameroon between 2007 and 2014, and the Ivory Coast between 2007 and 2010.

And Gibson, 64, faces four charges for such payments to officials in Nigeria and Cameroon between 2007 and 2014 and the Ivory Coast between 2007 and 2010.

Gibson and Wakefield each face one further charge of conspiracy to falsify documents between 2007 and 2011.

Nick Ephgrave, the SFO’s director, said: “Bribery damages financial markets and causes lasting harm to communities.

“Today’s action is an important step towards exposing overseas corruption and holding those who are responsible to account.”

The SFO’s announcement follows protracted court proceedings which at one point involved as many as 11 former Glencore staff members.

Future hearings are set to take place about whether the others, who are currently protected by an anonymity order, can also be named.

When Glencore listed in London with a valuation of £37bn in 2011, it was by far the City’s biggest ever stock market float.

The deal triggered a huge payday for bankers, former Glencore boss Ivan Glasenberg and loyal executives, such as Beard, who held shares in the mining and commodities company.

According to reports at the time, Beard’s 4.6pc stake saw him make a paper fortune of about $2.8bn.

He had joined Glencore in 1995 and helped to build the company into one of the world’s biggest oil-trading houses, before retiring in 2019.

Asked once if Glencore traders had a work-life balance, Mr Glasenberg said: “No. We work. You don’t come here to take life easy. And we all got rich from it, so you know, there’s a benefit from it.”

Latest article