Four Glencore Traders Plead Not Guilty to Bribery Charges

Published Nov 12, 2025 7:45 PM by The Maritime Executive

Four former employees of trader Glencore have pleaded not guilty to charges of bribery in connection with the firm's oil operations in Nigeria, Ivory Coast and Cameroon in 2007-14.

Paul Hopkirk, 51; Martin Wakefield, 66; David Perez, 54; and Ramon Labiaga, 56, have been arraigned at a UK court and have pleaded not guilty to charges of "conspiracy to give corrupt payments" to local officials and intermediaries. Gibson, Perez and Wakefield face an additional charge of falsifying accounting documents for allegedly writing up fake cash-payment invoices for an intermediary, Nigeria's Amazoil Ltd. Two additional top trading executives, former oil trading chief Alexander Beard and oil operations director Andrew Gibson, have also been charged but have yet to enter pleas; both maintain that they are innocent.

The case will take time to make its way through the court system, and the trial is set to begin in October 2027.

Corruption allegations have plagued all of the major commodity trading houses in recent years, and Glencore is no exception. In 2022, the company pleaded guilty to American charges of international bribery and market manipulation, and it paid a combined $1.1 billion in penalties and fines.

According to the U.S. Justice Department, Glencore International and its subsidiaries bribed intermediaries and foreign officials in West African countries for more than a decade, securing favorable oil contracts in return. In Nigeria alone, prosecutors said, Glencore and its subsidiaries paid more than $52 million to local intermediaries, in the expectation that those funds would be used to pay bribes to Nigerian officials. The scheme netted the trading house hundreds of millions of dollars in profits, Justice officials said.

"At bottom, Glencore paid bribes to make money – hundreds of millions of dollars. And it did so with the approval, and even encouragement, of its top executives," said then-U.S. Attorney Damian Williams for the Southern District of New York at the time.

In addition, the company admitted that its American traders were in the practice of submitting fake bids to the Platts trading window in order to drive benchmark fuel oil prices up or down, depending on whether they were buying or selling. This technique was used in order to manipulate fuel oil prices at two American seaports. As a penalty for this scheme, Glencore agreed to pay a criminal fine of $340 million, forfeiture of $144 million, and hire an independent monitor for three years. It also settled a related case brought by the Commodity Futures Trading Commission (CFTC) for a civil penalty of $865 million and disgorgement of another $320 million.

If the firm's admitted bribery offenses had been discovered later, it could have avoided prosecution in the United States. The Trump administration halted all enforcement action on Foreign and Corrupt Practices Act (FCPA) cases in February 2025. In an executive order, the White House said that pursuing corruption cases like the one against Switzerland-based Glencore "actively harms American economic competitiveness and, therefore, national security."

https://maritime-executive.com/article/four-glencore-traders-plead-not-guilty-to-bribery-charges

South Africa Hits Global Shipping Giants With Price-Fixing Case

December 2, 2025

By Ana Monteiro (Bloomberg) — South Africa’s antitrust body referred a price-fixing complaint against the local units of some of the world’s top shipping companies including A.P. Moller-Maersk A/S and CMA CGM SA to a tribunal for prosecution.

The companies allegedly fixed the general rate increase charged to customers for shipping cargo between South Africa and Asia and between the nation and the western part of Africa from 2008 to 2018, in contravention of domestic antitrust laws, the Competition Commission said in a statement on Tuesday.

“The dismantling of the cartel will reduce the price of goods imported to South Africa for the benefit of consumers and will also reduce the costs of exports out of South Africa, which will, in turn, render the South African exports competitive in the world markets,” Commissioner Doris Tshepe said.

The commission’s probe found that the shipping companies charged the same rate increase for the routes from Shanghai, Ningbo and Shekou to the southeastern port city of Durban as they did from Durban to Hong Kong, and from Qingdao to Durban.

The other respondents in the case are local units of MSC Mediterranean Shipping Co., Pacific International Lines Pty Ltd., Mitsui OSK Lines Ltd., Cosco Shipping Holdings Co., Evergreen Marine Corp. and K Line Shipping.

https://gcaptain.com/south-africa-hits-global-shipping-giants-with-price-fixing-case/

South Africa Completes Deal for Privatization of Durban Container Terminal

Published Dec 10, 2025 5:35 PM by The Maritime Executive

South Africa’s Transnet officially signed the partnership agreement with International Container Terminal Services (ICTSI) for the privatization and upgrade at the Durban port. It comes more than two years after the deal was first announced and after courts rejected a challenge from Maersk’s APM Terminals.

Durban, which accounts for nearly half of South Africa’s container volume, has been plagued with problems and consistently ranked at the bottom of the league tables issued by the World Bank and others. Congestion and delays in handling containers have plagued the port and become a hindrance to trade.

South African President Cyril Ramaphosa called for a “new era” for South Africa’s ports and promised major reforms. Saying that the government would drive the revitalization to make the ports an engine of economic growth, Transnet was ordered to improve its management and operations, as well as launch an investment program. The government determined to bring in international partners to help drive the efforts.

ICTSI was selected in July 2023 after a long tender process. Almost immediately, APM, which had been placed second, complained about the administration of the tender. It contended that ICTSI had failed to meet the solvency measures in the tender and ultimately took its complaint to the courts in 2024. South Africa’s High Court dismissed the case in October 2025.

Transnet signed the 25-year partnership agreement at a ceremony in Durban on December 10. Under the terms, Durban Container Terminal Pier 2 will be held in a new partnership, 51 percent owned by Transnet and 49 percent by ICTSI. The terminal operator based in the Philippines is responsible for the operations and overseeing the investments and improvements.

“Through our deliberate and expansive investment in new equipment across our terminals, the performance of DCT Pier 2 has been on an upward trajectory,” said Transnet Group Chief Executive Michelle Phillips during the ceremony. “We expect that our partnership with ICTSI will further propel this crucial terminal to its full potential.”

The plan calls for approximately $650 million of investment into the port. It will include new equipment and advanced technology. It is expected to enhance terminal productivity and increase throughput, ultimately improving the terminal’s operational efficiency and container supply chains.

They are forecasting that DCT Pier 2 will increase capacity from 2 million to 2.8 million TEU. Gross crane moves per hour are also forecast to improve from 18 to 28, while ship working hours will increase from 60 to 120. They forecast that these improvements will also lower logistics costs and improve service quality.

ICTSI senior vice president Hans-Ole Madsen said it was the start of a shared commitment to revitalizing South Africa’s maritime infrastructure. The partnership officially launches on January 1.

https://maritime-executive.com/article/south-africa-completes-deal-for-privatization-of-durban-container-terminal

South Africa’s Historic Polar Research Vessel Set for Auction

Published Dec 19, 2025 by The Maritime Executive

A South African court has ordered the auction of the country’s historic polar research vessel S.A. Agulhas. The vessel had served as South Africa’s research base for 35 years before its retirement and a sale, which had promised to revitalize the vessel.

After completing two scientific charters in the first half of this year, S.A. Agulhas, however, came under judicial arrest in the Port of Durban. The vessel had been facing financial difficulties, which led financial creditors to take legal action. The crew had also been left without pay for several months.

In an order issued last week, the Durban High Court appointed Solution Strategists auctioneers to conduct the sale of the vessel. The auction conducted by Strategic Solutions will be held online via MS Teams on January 22, 2026. Interested bidders are required to deposit a refundable registration fee of $50,000.

S.A. Agulhas is around 112 meters (367 feet) in length and has a gross tonnage of 6,123 tons. It also features an ice-strengthened hull, which was instrumental in its Antarctic voyages. The vessel was built in Japan in 1977, and for over 30 years, it supported the South African National Antarctic Program. It was retired in 2012 after the commissioning of the modern S.A. Agulhas II, which is currently supporting South Africa’s polar research and exploration.

The auction comes barely two years after the South African government handed over the ownership of S.A. Agulhas to the German company J*S Maritime. The government had spent years trying to find a suitable buyer for the vessel. The new owners promised to refurbish the ship for operations that they said would include expeditions and polar tourism.

One of the conditions in the sale was that J*S Maritime would continue to use the vessel to offer seafarer training to South African cadets. Since the handover event in January 2024, the repurposed S.A. Agulhas has been regarded as the de facto anchor vessel for the Seafarer Employment and Development program. With the vessel’s auction now set, maritime observers in South Africa are concerned that the seafarers’ training project could be imperiled.

In an attempt to try to save the vessel from auction, J*S Maritime mid this year transferred ownership to HF Offshore Services Mexico. However, HF Offshore was dealing with legal issues in Mexico and was unable to turn around S.A. Agulhas’ financial condition.

https://maritime-executive.com/article/south-africa-s-historic-polar-research-vessel-set-for-auction

Rio Tinto and Glencore reopen talks on mega-merger

Adis Ajdin January 9, 2026

Mining heavyweights Rio Tinto and Glencore have confirmed they are back in early-stage talks over a deal that could see Rio Tinto acquire “some or all” of Glencore, a move that would create the world’s largest miner with a combined market value close to $207bn.

The companies stressed that talks are preliminary, with no agreement on price, structure, management or which assets might be included, and warned there is no certainty a deal will be struck.

This is the second time in just over a year the pair have explored a tie-up. Glencore approached Rio Tinto in late 2024, but those talks failed to gain traction.

The renewed interest comes as miners race to lock in copper and other metals needed for electrification, renewable energy projects and data-heavy infrastructure. That push has driven expansion plans and a string of takeover attempts across the sector, reshaping supply chains that feed everything from power grids to shipyards and offshore projects.

Under UK takeover rules, Rio Tinto has until February 5 to either make a formal offer or walk away.

Investors were split on the news. Glencore’s US-listed shares jumped around 6%, while Rio Tinto’s Australian-listed stock slid more than 6%, reflecting concern over the cost, complexity and execution risk of a deal of this size.

Analysts said the industrial logic is there, but the route will be complicated. “The structure of a possible merger between these two companies is unclear and would likely be complex, but we do believe there is a path to significant value creation for both,” one note said.

Rio Tinto, the world’s largest iron ore producer, carries a market capitalisation of about $142bn. Glencore, a major base metals producer and one of the world’s biggest commodity traders, is valued at roughly $65bn.

Founded in 1873, Rio Tinto employs around 60,000 people across 35 countries. Glencore, which began life in the 1970s as a trading house, operates in more than 30 countries with a workforce of about 150,000 employees and contractors.

“The parties’ current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a court-sanctioned scheme of arrangement,” the companies said in a statement. “There can be no certainty that an offer will be made or as to the terms of any such offer, should one be made.”

The talks follow last year’s $53bn merger between Anglo American and Canada’s Teck, which created another copper-heavy mining giant. Anglo had earlier fended off a £39bn approach from BHP, while Teck rejected a £16.6bn bid from Glencore in 2023.

On Friday, Glencore’s London-listed shares surged as much as 10% after confirmation that a potential takeover by Rio Tinto was back on the table, underlining just how much weight the market is putting on the next phase of consolidation in global mining.

https://splash247.com/rio-tinto-and-glencore-reopen-talks-on-mega-merger/

Canada #87

BRICS Flexes With China-Led Joint Naval Drills Soon After Maduro Ousting

by Tyler Durden Sunday, Jan 11, 2026

The multi-national "Will for Peace 2026" naval exercises began Saturday off the coast of Cape Town, hosted by South Africa, and is set to run for one week. It is widely being described as a BRICS and "BRICS+" naval drill and saw a Russian warship arrive off South Africa's primary naval base on Friday.

The Russians joined Chinese and Iranian vessels for the drills, along with other BRICS members Indonesia, Ethiopia and Brazil - which participated as observers. The nation heading up the drill is China, and it's being seen as an attempt of BRICS and Global South countries to flex their collective military might in the wake of the Trump-ordered ousting of Venezuela's Nicolás Maduro. The other members of the bloc - India, Egypt and Saudi Arabia - are not represented at the drills.

Naturally it is especially Iran which could be a ripe target for the next Trump regime change action, as it's not yet gone nuclear. But Tehran wants to showcase its much more powerful nuclear-armed friends China and Russia, which have defense and economic cooperation agreements with the Islamic Republic.

South Africa's defense force has described that the exercises will allow participating navies "to exchange best practices and improve joint operational capabilities, which contributes to the safety of shipping routes and overall regional maritime stability."

This will make already somewhat strained relations with Washington even more delicate for Pretoria. With this US relationship in mind, a separate statement emphasized that the drills were organized and agreed to significantly before last weekend's US strikes on Venezuela.

But tensions have ratcheted particularly after Washington expelled South Africa's ambassador last year and slapped the country with 30% trade tariffs. The Trump administration has also long complained about violent persecution against South Africa's minority White farmer population.

BBC provides some further background as follows:

Some commentators have questioned why Brics+ members are carrying out military exercises together, given the grouping is an economic alliance. "There are members of Brics+ that are diametrically opposed to each other politically and even have hot border skirmishes between them," defence analyst Dean Wingrin told the BBC.

It is not the first time South Africa has had naval exercises with China and Russia. The first was called "Mosi", which means "smoke" in South Africa's Tswana language, and took place in 2019 with little fanfare.

But as for wanting to distance itself from being seen as 'too close' to China and Russia, a South African Defense Ministry official has described to AFP, "Let us not press panic buttons because the USA has got a problem with countries," and that "Those are not our enemies" - in vague reference to the US and Western alliance.

"Let's focus on cooperating with the BRICS countries and make sure that our seas, especially the Indian Ocean and Atlantic, they are safe," the official added.

https://www.zerohedge.com/geopolitical/brics-flexes-china-led-joint-naval-drills-soon-after-maduro-ousting

General Research #29394

LONDON has a 62,000 TON Silver Problem

The Scale Of London’s Silver Problem Speaks Of A Rapidly Increasing Acute Global Silver Shortage

David Jensen's latest is a MUST read:

"As silver’s price has continued to storm higher, traders flummoxed by the lack of a meaningful price pull-back or consolidation to date are missing a key point: the intense global run into physical silver appears to be underpinned by London cash/spot contract holders departing the City of London’s Silver Market and seeking physical silver delivery in other markets.

The departure of holders of claims parked in paper silver promissory notes into securing physical delivery in global markets that have available physical silver is rapidly stressing the global silver market due to the sheer scale of London’s leveraged monstrosity.

The Scale Of London’s Silver Problem Speaks Of A Rapidly Increasing Acute Global Silver Shortage

The London market, the world’s largest physical silver market, seized-up on October 10, 2025 despite London vault data indicating a ‘float’ of 140 million (M) oz. (4,355 tonnes (T)) of physical silver in London not claimed by Exchange Traded Funds (ETFs).

This market seizure marked the bottom of London’s silver barrel alerting the metals world that this remainder was simply held in London and not available to market.

Latest market data indicate that London vaults at the end of December held 185M oz. (5,750T) of silver that were not claimed by ETFs implying a 45M oz. (1,400T) silver buffer raising London’s nose above the water line.

That London’s silver market may have 1,400T of silver available to market is terrific.

However, the scale of the visible London Silver Problem indicates that intensifying buying of physical silver globally can be expected.

London trading data indicates that gross trading volumes in the London Silver Market surpass 700M oz. on an active day. This translates into an estimated 2 billion (B) oz. or 62,000T of cash/spot market claims for immediate silver ownership standing in the London market.

After the London Silver Market delivery and trading disruptions of 2025, some of these London silver contract holders have noticed contributing to the global rush to secure physical silver.

UBS’s projected 300M oz. (9,330T) silver supply deficit for 2026 can quickly become 600M oz., 900M oz. or more as a portion of the London silver cash/spot contract holders recognize that they hold paper and not metal and start to vote with their feet. Increasing CME COMEX trading margins is not going to change this flight to security by burned London contract holders.

London silver claim holders are rapidly learning what has been seen over and over again in markets that trade unbacked promises in lieu of actual assets.

Best regards,

David Jensen

https://jensendavid.substack.com/p/londons-silver-problem-is-distressing

https://x.com/silvertrade/status/2011484664607715368

>>24121839 (me)

South Africa Silver Production

1986 - 2023 | Yearly | Metric Ton | U.S. Geological Survey

Key information about South Africa Silver Production

South Africa Silver Production was reported at 59.000 Metric Ton in Dec 2023.

This records an increase from the previous number of 45.724 Metric Ton for Dec 2022.

South Africa Silver Production data is updated yearly, averaging 70.913 Metric Ton from Dec 1986 to 2023, with 38 observations.

The data reached an all-time high of 222.000 Metric Ton in 1986 and a record low of 37.146 Metric Ton in 2021.

South Africa Silver Production data remains active status in CEIC and is reported by U.S. Geological Survey.

The data is categorized under World Trend Plus’s Association: Metal and Mining Sector – Table WB.USGS.SILV: Precious Metals: Silver: Production by Country or Locality.

More including charts:

https://www.ceicdata.com/en/indicator/south-africa/silver-production

Chinese-Led South African Naval Exercise Slides into Diplomatic Disaster

Published Jan 14, 2026 1:00 PM by The Maritime Executive

The Chinese-led BRICs Exercise "Will for Peace 2026," now taking place in Cape Town, is turning into a diplomatic disaster for its host South Africa.

Alongside participants from Russia, China, and the United Arab Emirates, three Iranian warships arrived in False Bay to participate in the exercise, with the Bayandor Class corvette IRINS Naghdi (F82) coming alongside in the Simon’s Town Naval Base, and two converted oil tankers now serving as logistics vessels - IRINS Makran (K441) and the Islamic Revolutionary Guard Corps Navy (Nedsa, IRIS Shahid Mahdavi (L110-3) anchoring off in False Bay. Iranian personnel took part in dockside parades and inter-Navy sports events which occupied the first two days of the exercise.

But before the sea-going phase of the exercise commenced on January 13, the South African government requested that the Iranians withdraw their active participation from the exercise and become observers instead, a request to which the Iranian acceded.

The South African move was prompted by the realization at this late stage, that diplomatically it did not look good to be aligned with an Iranian regime which by some estimates has now killed 12,000 of its own citizens in anti-government riots. The South Africans also realized that its highly favorable trade position under the African Growth and Opportunity Act was in jeopardy, with the Act is coming before the U.S. House of Representatives this week for its scheduled three-year renewal.

These dangers were already apparent back in September, when The Maritime Executive noted that South African Chief of Staff General Rudzani Maphwanya had visited Tehran to issue an invitation to the exercise, a visit not apparently approved beforehand by South African President Cyril Ramaphosa. President Ramaphosa objected to the visit, but did not fire the General for his freelancing in the political arena. Political opponents of the President said at the time that his response was weak, exceedingly so as events have turned out.

Observers are now watching the Simon’s Town Naval Base to see when the Iranian naval vessels depart – and in which direction. There is still some mystery concerning the whereabouts of the Iranian Navy’s 104th Flotilla and the Navy’s force of frigates, which are at sea somewhere. Since most ships of the Navy left Bandar Abbas Naval Harbor on about January 8, the internal security situation in Bandar Abbas city has deteriorated, with one large protest in particular occurring close to the Naval Harbor.

The aim of Exercise "Will for Peace 2026," a highly inappropriate name for a naval exercise given the character of its participants, is to practice naval drills supporting the protection of commercial shipping in shipping lanes, including counter-terrorism rescue, counter-boarding and maritime strike operations. The exercise is scheduled to last until January 16, and is the first naval exercise to be held under the auspices of BRICS, hitherto seen as an economic bloc. The exercise director is from the PLAN.

https://maritime-executive.com/article/chinese-led-south-african-naval-exercise-slides-into-diplomatic-disaster