Jillian Ambrose
Alex Beard, the former head of Glencore’s oil division, has been charged with conspiring to make corrupt payments related to the company’s oil operations in West Africa. Beard, who was with Glencore from 2007 until his retirement in 2019, faces charges along with four other former Glencore executives: Andrew Gibson, Paul Hopkirk, Ramon Labiaga, and Martin Wakefield. The charges stem from a long-running investigation by the UK’s Serious Fraud Office (SFO) into bribery practices within the company.
Beard, a billionaire thanks to Glencore’s 2011 London listing, is the most high-profile individual charged as part of Operation Azoth, a broad investigation launched by the SFO in 2019. The charges relate to the awarding of oil contracts in Cameroon, Nigeria, and Ivory Coast between 2007 and 2014, with the executives accused of making corrupt payments to benefit Glencore’s operations.
Nick Ephgrave, SFO director, emphasized the damaging effects of bribery, noting that it harms financial markets and communities. The charges represent a significant step in holding those responsible for overseas corruption accountable.
In 2022, Glencore had already pleaded guilty to charges of corruption and market manipulation in both the US and UK. The company admitted to paying bribes to secure business in several countries, including South Sudan and Brazil, and was fined $1.5 billion to settle US investigations. The UK’s SFO also revealed that Glencore paid $29 million in bribes for preferential access to African oil, leading to an additional £280 million fine.
Beard faces two charges of conspiracy related to making corrupt payments to Nigerian government officials and state-owned oil company officials between 2010 and 2014, as well as similar charges concerning Cameroon between 2007 and 2014. His former deputy, Gibson, is facing multiple charges, including conspiracy to falsify documents.
The other executives—Hopkirk, Labiaga, and Wakefield—are accused of making corrupt payments in Nigeria, Ivory Coast, and Cameroon in connection with West African oil trading.
In response to the charges, a Glencore spokesperson said the company had cooperated with the SFO’s investigation and resolved the inquiry in 2022. The spokesperson added that such conduct had no place in Glencore, emphasizing the company’s commitment to ethics and compliance.
Beard stepped down from his role as chair of Adaptogen Capital, an investment firm he founded after leaving Glencore, which focuses on large-scale battery projects for the UK grid.
