Billionaire ex-Glencore oil dealer charged in African bribery probe

Glencore’s billionaire ex-head of oil Alex Beard and four others have been charged with conspiring to make corrupt payments after a probe into allegations of bribery in Africa.

The UK Serious Fraud Office (SFO) opened an investigation in 2019 in connection with the commodity trader’s London-based West Africa desk.

Beard, who ran Glencore’s oil division between 2007 and 2019, became a billionaire when it floated in London in 2011.

But he now faces two counts of conspiring to make corrupt payments to government officials and top dogs of state-owned companies in Nigeria between 2010 and 2014 and Cameroon between 2007 and 2014.

Bribery probe: Glencore’s billionaire ex-head of oil Alex Beard Alex Beard (pictured) has been charged with conspiring to make corrupt payments

Beard, who had been in the inner circle of the former Glencore chief executive Ivan Glasenberg, has been charged alongside Andrew Gibson, Beard’s second- in-command for several years.

The SFO has charged Gibson with four conspiracies of making corrupt payments in Nigeria and Cameroon between 2007 and 2014, and Ivory Coast between 2007 and 2010. 

He is alleged to have conspired to falsify invoices between 2007 and 2011.

Former staff Paul Hopkirk, Ramon Labiaga and Martin Wakefield have also been accused of conspiring to make corrupt payments, the SFO said.

The five men will appear before Westminster magistrates’ court on September 10.

‘Bribery damages financial markets and causes lasting harm to communities,’ said Nick Ephgrave, the director of the SFO. 

‘Today’s action is an important step towards exposing overseas corruption and holding those responsible to account.’

Glencore pleaded guilty to corruption and market manipulation in 2022, admitting that it paid to win business in eight countries and ended up paying out around £1billion to resolve international probes. 

Yesterday, it said: ‘Glencore notes the charges brought against five former employees. Glencore co-operated with the SFO in its investigation into this past conduct and resolved its SFO investigation in 2022.

‘This conduct has no place in Glencore. We are committed to acting ethically and responsibly across all aspects of our business and have taken significant action towards building a best-in-class ethics and compliance programme.’

Despite the scandals, there were high hopes that when chief executive Gary Nagle succeeded Glasenberg in 2021 he would repair damage to its reputation.

But activist investor Bluebell Capital has attacked Nagle, branding him an Austin Powers-style ‘Mini-Me’ version of Glasenberg, who remains a top shareholder with a 10 per cent stake.