This unambiguous testimony proposes Glencore permitted payments to be made to government officials in order to facilitate business. The purpose of the payment was to influence those officials’ decisions regarding the Nigerian government’s allocations of crude oil cargo.” Bluntly, Stimler stated: “When I made requests for payments to intermediaries, I was aware that other Glencore traders who worked with me were doing the same thing by directing our intermediaries to make bribe payments to government officials.” Adding details, he further stated: “I intended that a proportion of the payment to intermediaries operating in Nigeria were to be passed on to Nigerian state-owned oil company officials. ![]() So, what did Stimler do how did he operate, and did he act alone? His testimony before a federal judge, reveals that he pursued a policy of bribery, which he asserts was adopted and applied by fellow Glencore traders. Having pleaded guilty to charges of bribery, the London-based trader said: “Your honour, I knew what I was doing was wrong and unlawful”, before adding, “I am extremely remorseful for my conduct.” In extracts of testimony before a court in New York, he described how he bribed government officials in African nations in order to secure access to millions of barrels of oil. Stimler is a former oil trader who worked for Glencore Plc. These include high-risk countries, high-risk industries, politically exposed persons (PEPs), and an offshore corporate entity facilitating transactions for substantial fees.Įarlier in September 2021, details were released of a cooperation deal between Anthony Stimler and the U.S. Often there are multiple risk factors that should put compliance professionals on notice. This practice is prevalent within countries with natural resources for sale and corrupt politicians. Of course, there are legitimate introducing brokers, but it is an area that is vulnerable to exploitation and manipulation.Ĭorrupt public officials engage with third-party middlemen who act as a gateway, through which access is provided to raw materials, such as coal, iron ore, and oil. The introducing broker is paid a fee and/or a commission upon transactions. Within the securities industry, traders, salespeople, and brokers have falsely proposed a customer was introduced by a third party, sometimes referred to as an introducing broker. In some instances, synthetic middlemen are created in order to misappropriate value from a transaction. Not all middlemen are performing logical or legitimate functions. Amazon is perhaps the biggest middleman of all which draws together businesses seeking to expand into new markets and consumers seeking easy access and quick delivery of goods. They provide access to markets and on the other side raw materials. Ultimately, middlemen bring together buyers and sellers. ![]() The supermarket is the middleman bringing producers’ goods to consumers. Middlemen are important and they feature in all supply chains.
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