Billionaire former head of oil company Glencore and four others charged in Africa bribery probe

Former Glencore billionaire oil executive Alex Beard and four others have been charged with conspiracy to make corrupt payments, following an investigation into allegations of bribery in Africa.

The UK’s Serious Fraud Office (SFO) launched an investigation into the London-based commodities trader’s West Africa division in 2019.

Beard, who led Glencore’s oil division from 2007 to 2019, became a billionaire when the company went public in London in 2011.

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

Beard, who was a close confidant of former Glencore CEO Ivan Glasenberg, has been charged along with Andrew Gibson, Beard’s right-hand man for several years.

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

He is said to have been involved in forging invoices between 2007 and 2011.

Former employees Paul Hopkirk, Ramon Labiaga and Martin Wakefield are also accused of conspiracy to make corrupt payments, the SFO said.

The five men will appear in Westminster Court on September 10.

“Bribery harms financial markets and causes lasting damage to communities,” said Nick Ephgrave, the SFO’s chief executive.

“Today’s action is an important step in exposing corruption abroad and holding those responsible to account.”

Glencore pleaded guilty to corruption and market manipulation in 2022, admitting the company had spent money to do business in eight countries and ultimately paid about £1 billion to settle international investigations.

Yesterday it said: ‘Glencore takes note of the allegations against five former employees. Glencore cooperated with the SFO in its investigation into this past conduct and concluded the SFO investigation in 2022.

“This behavior has no place in Glencore. We are committed to acting ethically and responsibly in all aspects of our business and have taken significant steps to build a best-in-class ethics and compliance program.”

Despite the scandals, there were high expectations that when CEO Gary Nagle succeeded Glasenberg in 2021, he would repair the damage to his reputation.

But activist investor Bluebell Capital has attacked Nagle, describing him as an Austin Powers-esque “Mini-Me” version of Glasenberg, who remains a major shareholder with a 10 percent stake.