By Ian Walker

Glencore PLC said Thursday that Glencore Energy UK Ltd. will pay 281 million pounds ($320.1 million) in financial penalty and costs to settle the bribery probe by the U.K.'s Serious Fraud Office.

In May, the FTSE 100-listed commodity mining and trading company said it would pay more than $1 billion to U.S. authorities, and admitted wrongdoing, to resolve allegations of bribery and market manipulation. At that time, Glencore also said it would plead guilty to the U.K. bribery charge, which it did in June.

"The conduct that took place was inexcusable and has no place in Glencore. The company is committed to operating a company that creates value for all stakeholders by operating transparently under a well-defined set of values, with openness and integrity at the forefront," Chairman Kalidas Madhavpeddi said.

Glencore said Thursday that it continues to cooperate with the ongoing investigation by the Office of the Attorney General of Switzerland.

Glencore previously said it has made a provision of $1.5 billion to cover U.S., Brazilian and U.K. penalties.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

November 03, 2022 09:12 ET (13:12 GMT)

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