Glencore pays $180 million to Congo in bribery scandal
The mining company Glencore settles a corruption affair in the Democratic Republic of the Congo (DRC) with a payment of 180 million dollars. This also covers possible future claims by the state.
Glencore settled a corruption affair in the Democratic Republic of the Congo (DRC) with a payment of 180 million dollars. (icon picture)
The agreement covers all current and future DRK claims that could arise from “alleged” acts of corruption by the group in the country between 2007 and 2018, the Zug-based group announced on Monday.
Glencore had been targeted by various regulators for its activities in the DRC. For example, by the US Department of Justice (DOJ) and in Switzerland by the Federal Prosecutor’s Office.
The agreement that has now been reached is subject to Congolese law, emphasized Glencore in the communiqué. The company’s admissions relate solely to missteps admitted in an earlier resolution with the DOJ.
In May of this year, Glencore pleaded guilty in an out-of-court settlement with the DOJ to having been involved in bribery payments in seven countries in Africa and South America, including the Democratic Republic of the Congo. The company was fined over a billion dollars at the time.