The former head of Glencore’s oil desk appeared in a London court this week to deny bribery charges.
Alex Beard, 57, is facing a trial with five other ex-traders relating to alleged corruption in West Africa.
Beard indicated that he would plead not guilty at Westminster Magistrates’ Court, Reuters reported.
The former trader has been charged with two counts of conspiracy to make corrupt payments to government officials and officials of state-owned oil companies in Nigeria between 2010 and 2014, and in Cameroon between 2007 and 2014.
Beard joined the Swiss charterer and commodities group in 1995 from BP. He retired as head of oil in 2019.
He is one of the most senior oil traders ever charged with a crime, Bloomberg reported.
Andrew Gibson, Paul Hopkirk, Ramon Labiaga and Martin Wakefield were also charged with making corrupt payments relating to Glencore’s operations in Nigeria, Cameroon and Ivory Coast, according to Reuters.
Gibson, who was Beard’s deputy, and Hopkirk indicated that they would plead not guilty.
The other two were not required to enter a plea.
Gibson and Wakefield also face a charge of conspiracy to falsify documents between 2007 and 2011.
In addition, ex-Glencore employee David Perez has been charged with making corrupt payments and conspiracy to falsify documents. He did not indicate any pleas, Reuters reported.
Prosecutor Alexandra Healy said the alleged offences related to the West Africa desk of Glencore’s London office.
October hearing
A hearing at Southwark Crown Court will be held on 8 October
Last month Nick Ephgrave, director of the Serious Fraud Office (SFO), said: “Bribery damages financial markets and causes lasting harm to communities.”
He said the case is an important step towards exposing overseas corruption and holding those who are responsible to account.
Glencore previously told TradeWinds that it noted the charges.
“Glencore cooperated with the SFO in its investigation into this past conduct and resolved its SFO investigation in 2022,” it added.
“We are committed to acting ethically and responsibly across all aspects of our business and have taken significant action towards building a best-in-class ethics and compliance programme.”
The case comes after Glencore was convicted in a bribery scandal in 2022.
The trader, a major vessel charterer, was fined about £280m ($355m) after pleading guilty to using cash to gain preferential access to African oil.
Glencore admitted seven counts of bribery.
