Glencore to pay DRC corruption claims

Glencore, a Swiss multinational commodity trading and mining company is set to pay $180m to the Democratic Republic of the Congo (DRC) to cover corruption allegations, the latest payment in a series of graft cases it has faced worldwide.

The commodities company reached an agreement over bribery allegations spanning from 2007 to 2018. Glencore admitted to bribing officials in several African nations, including in the DRC. The announcement follows investigations by American, British, and Brazilian authorities that also covered corruption claims in Latin America. The payment covers all present and future claims arising from any alleged acts of corruption” by the Glencore Group between the years.

Agreement

The deal reached include; activities in certain group businesses that have been subject to various investigations by, amongst others, the United States Department of Justice, and the DRC’s National Financial Intelligence Unit and Ministry of Justice. The agreement is governed by Congolese law and the only admissions made are in respect of the conduct already acknowledged in Glencore’s resolution with the DOJ.

“Glencore is a long-standing investor in the DRC and is pleased to have reached this Agreement to address the consequences of its past conduct. Glencore has actively promoted its Ethics and Compliance Programme in the DRC in recent years and looks forward to continuing to work with the DRC authorities and other stakeholders to facilitate good governance and ethical business practices in the country. The Company has a refreshed Board and management team, including in its DRC operations, who are dedicated to fostering a culture of integrity, responsibility and transparency,” Kalidas Madhavpeddi, Chairman of Glencore said.