It is part of $1.1bn in fines and forfeitures that Glencore has agreed to pay to resolve bribery and market-manipulation probes in the US, UK and Brazil
Glencore has been sentenced to $486m in fines and forfeiture for conspiring to manipulate US oil-price benchmarks.
Glencore admitted that, from 2012 to 2016, employees were directed to make bids and offers during a daily trading window that S&P Global Platts used to set its oil-price benchmarks. Nagala delayed the sentencing in June to give Petroleos Mexicanos and its PMI Trading DAC trading arm additional time to claim restitution as a victim of the commodities firm’s fraud. Pemex settled its claim on confidential terms, both sides told Nagala on September 12.
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