Glencore PLC (LSE:GLEN) had no official comment after it was found guilty of seven counts of bribery on 21 June.
The company pointed instead to a statement on the matter it made in May, and left it at that.
What isn’t in doubt, now, though is that the company did pay bribes to gain access to oil deals in various African countries, including Nigeria, Cameroon and Sudan.
Ever since the days of its dealings with copper tycoons Dan Gertler and Beny Steinmetz, questions have been raised about the propriety of Glencore’s operations.
But there have also been mitigating factors.
One is that bribery and corruption are endemic in some of the jurisdictions in which Glencore operates. Total, now known as TotalEnergies, was famously had up in France for corruption, and Trafigura too has had its issues, though it will litigate fiercely in its own defence.
Another is that Chinese companies are not bound by the type of anti-bribery legislation that’s become more prevalent in the West in recent years.
With the world rapidly polarizing into two distinct armed camps, it may be doubted whether at the highest level of policy the US and UK authorities will pursue any more cases like this.
Whisper it softly, though, because they will not say it aloud.
Nevertheless, the deterrent effect created by this week’s judgement in the UK - and a parallel one that was meted out in the US last month - is significant.
Glencore is to pay over US$1bn in fines in the US, and has made a total provision for US$1.5bn to cover all the recent cases that have been brought against it.
That’s a significant mark-up on the actual US$28mln in bribes that were investigated by the English courts.
It also goes against the strapline – the first thing you read – on Glencore’s website, which says: “Responsibly resourcing the commodities that advance everyday life.”
That, says the website is Glencore’s “purpose.”
If so, it’s got a little way to go yet.
But does anyone really believe that that is Glencore’s purpose?
Or is Glencore now, what it’s always been? - a commodity behemoth that’s a key lynchpin in the way the Western world secures the raw materials that it needs.
Time will tell, but we’re getting to the point where fancy talk meets hard reality.
If that sounds harsh, consider that shares in Glencore are up by more than 50% over the past 12 months. One reason why is that all the ESG bluster about ending coal use is now being thrown out of the window by one European country after another, and Glencore produces a lot of coal.
Expect further ESG shibboleths to fall in the coming months and years.
Hardly surprising then, as the profits roll in and the shares ride high, that the market, at least, retains its faith in Glencore.