https://en.sputniknews.africa/20240808/swiss-giant-glencore-ordered-to-pay-more-than-150-mln-in-fines-restitution-in-drc-corruption-case-1067777628.html
Swiss Giant Glencore Ordered to Pay More Than $150 Mln in Fines, Restitution in DRC Corruption Case
Swiss Giant Glencore Ordered to Pay More Than $150 Mln in Fines, Restitution in DRC Corruption Case
Sputnik Africa
The case, which accuses the company of failing to prevent bribery of Congolese officials in 2011, is part of a broader pattern of legal troubles for Glencore... 08.08.2024, Sputnik Africa
2024-08-08T16:07+0200
2024-08-08T16:07+0200
2024-08-08T16:22+0200
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Swiss commodity trading and mining company Glencore has been ordered to pay $152 million in fines and restitution in a corruption case in the Democratic Republic of the Congo. Swiss courts ordered the mining giant to pay the sum after a four-year investigation into a corruption case.Prosecutors accused Glencore of failing to take measures to prevent bribery of Congolese officials by a business partner in 2011 as the latter acquired minority stakes in two mining companies, the statement said.However, Glencore has cooperated since the investigation was launched in June 2020 and could benefit from a reduced sentence.The group says it does not accept the prosecution's conclusions but has decided not to appeal.
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democratic republic of the congo (drc), switzerland, corruption, court, international, europe, mining
Swiss Giant Glencore Ordered to Pay More Than $150 Mln in Fines, Restitution in DRC Corruption Case
16:07 08.08.2024 (Updated: 16:22 08.08.2024) Muhammad Nooh Osman
Writer/Editor
The case, which accuses the company of failing to prevent bribery of Congolese officials in 2011, is part of a broader pattern of legal troubles for Glencore, which has faced multiple fines and settlements worldwide for similar misconduct. In 2022, Glencore agreed to pay $180 million to the DR Congo to settle corruption claims from 2007 to 2018.
Swiss commodity trading and mining company Glencore has been ordered to pay $152 million in fines and restitution in a corruption case in the
Democratic Republic of the Congo. Swiss courts ordered the mining giant to pay the sum after a four-year investigation into a corruption case.
Prosecutors accused Glencore of failing to take measures to prevent bribery of Congolese officials by a business partner in 2011 as the latter acquired minority stakes in two mining companies, the statement said.
"After four years of investigation, the Office of the Attorney General of Switzerland (OAG) has closed its criminal investigation against Glencore International AG (hereinafter: Glencore). It specifically imposes a summary penalty order on the grounds of corporate responsibility for Glencore's failure to take all necessary and reasonable organizational measures with regard to the bribery of foreign public officials by a business partner in connection with the latter's acquisition of minority stakes in two mining companies in the Democratic Republic of Congo (DRC) in 2011," the prosecutors said in a statement.
However, Glencore has cooperated since the investigation was launched in June 2020 and could benefit from a reduced sentence.
The group says it does not accept the prosecution's conclusions but has decided not to appeal.
