By John Ikani
Alex Beard, the former head of oil at commodities giant Glencore Plc, has been accused of corruption by the UK’s Serious Fraud Office (SFO).
Four other ex-Glencore employees also face similar charges.
The 56-year-old Beard, a high-profile figure who led Glencore’s oil division for over a decade, is the most senior commodity trader to be charged with wrongdoing.
The SFO alleges he conspired to make illicit payments to secure oil deals in Nigeria and other West African nations between 2007 and 2014.
Glencore itself has already admitted to corruption and paid billions in fines to settle investigations in the US, UK, and Brazil.
The company confirmed its cooperation with the SFO but distanced itself from the latest charges.
Nigeria is also pursuing the matter. The federal government has reached a $50 million settlement with Glencore over bribery allegations and claims the company paid over $52 million to intermediaries for onward distribution as bribes to Nigerian officials.
Andy Gibson, Beard’s former second-in-command, is among the other accused. He and three colleagues face charges of conspiring to make corrupt payments and falsify documents related to oil deals in Nigeria, Cameroon, and Ivory Coast.
All five individuals are set to appear in court on September 10. The SFO described the charges as a significant step in combating overseas corruption.
Beard, once a billionaire with substantial investments in the UK, has stepped down from his role at Adaptogen Capital, an investment firm he founded.
