UK billionaire Alex Beard is one of five former Glencore (GLEN) executives to be charged with conspiring to pay bribes. Beard has a net worth of $2bn, according to online sources, and was one of the original group of workers who earned a fortune when GLEN was listed on the London Stock Exchange in 2011 in one of the UK’s largest stock market floats.
Former Glencore Executive Hit With Bribery Charges
He was in charge of Glencore’s oil business for many years, working from London until 2019. The Serious Fraud Office (SFO) has now said that Beard is being charged in connection with allegedly corrupt payments that were made with the aim of benefiting the company’s West African oil operations.
The others charged under the same offence include Beard’s former Glencore colleagues Paul Hopkirk and Ramon Labiaga. Andrew Gibson and Martin Wakefield have been charged for the same reason and also have the extra charge of falsifying documents. Several other former Glencore workers have been investigated and may be included in future proceedings but are currently remaining anonymous.
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All five are set to make an appearance at Westminster Magistrates Court on 10 September. They have been put on bail but without travel restrictions. The charges for Beard include conspiracy to make corrupt payments to officials in Nigeria and Cameroon between 2007 and 2014.
SFO director Nick Ephgrave said:
Bribery damages financial markets and causes lasting harm to communities. Today’s action is an important step towards exposing overseas corruption and holding those who are responsible to account.
