Glencore's ex-head of oil appears in UK court on bribery charges

By Sam Tobin and Robert Harvey

LONDON (Reuters) - Glencore (OTC:GLNCY )'s former head of oil Alex Beard appeared in a London court on Tuesday to face bribery charges relating to the Swiss commodity trader's operations in Africa.

Beard will plead not guilty, his lawyer said at London's Westminster Magistrates' Court.

The 57-year-old is charged with two counts of conspiracy to make corrupt payments to government officials and officials of state-owned oil companies in Nigeria between 2010 and 2014, and in Cameroon between 2007 and 2014.

Beard, who is the most high-profile commodity trader to have been charged in Britain for alleged corruption, joined Glencore in 1995 from BP (NYSE:BP ), the biggest trading desk at that time, and was head of oil from 2007 until 2019, when he retired.

He helped Glencore become one of the top three oil trading firms, trading as much as 7% of the world's oil in its heyday.

Four other ex-Glencore employees – Andrew Gibson, Paul Hopkirk, Ramon Labiaga and Martin Wakefield – were also charged with making corrupt payments relating to Glencore's operations in Nigeria, Cameroon and Ivory Coast.

Gibson and Hopkirk indicated not guilty pleas through their lawyers. Labiaga and Wakefield did not indicate any pleas and were not required to do so.

Gibson and Wakefield are further charged with conspiracy to falsify documents between 2007 and 2011.

Another ex-Glencore employee, David Perez, has been charged with making corrupt payments and conspiracy to falsify documents. Perez did not indicate any pleas.



Prosecutor Alexandra Healy said the alleged offences related to the West Africa desk of Glencore's London office.

All six defendants' cases were sent to Southwark Crown Court for a hearing on Oct. 8.

Source: Investing.com