- 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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