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Court tells Glencore to pay $40M over Romania oil fraud

Mar. 13, 2015 4:58 PM ETGlencore plc (GLCNF)GLCNF, GLNCYBy: Carl Surran, SA News Editor2 Comments
  • Glencore (OTCPK:GLCNF, OTCPK:GLNCY) is ordered to pay ~$40M to OMV Petrom by a U.K. court for fraudulently shipping oil of a lower than purported quality to Romania in the 1990s.
  • Marc Rich & Co., later to become Glencore, sold ~32 shipments to Romanian state firms during 1993-96 made up of cheaper crude blends than agreed, and falsified documents, profiting by ~$40M from the "deceit,” the judge says.
  • The dispute has been the subject of two arbitration proceedings going back more than a decade; Petrom filed its U.K. lawsuit against Glencore in 2008.

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Comments (2)

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Jeff CA profile picture
Marc Rich: according to wiki,
"He was best known for founding the commodities company Glencore and for being indicted in the United States on federal charges of tax evasion and illegally making oil deals with Iran during the Iran hostage crisis. He was in Switzerland at the time of the indictment and never returned to the United States.[4] He received a controversial presidential pardon from U.S. President Bill Clinton on January 20, 2001, Clinton's last day in office."
He was a Crook! Marc Rich & Co. changed to Glencore while he was still in charge.
TheJollyGreenMan profile picture
So just to be clear about the headline. Glencore must pay for the fraud conducted by - Marc Rich & Co - a company it took over after the the fraud was committed. It was not Glencore that committed the fraud.

The only problem I can see is that Glencore did not uncover this fraud during their due diligence study when taking over Marc Rich & Co.


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