All claims are from alleged acts of corruption by the global diversified miner between 2007 and 2018
Glencore Plc agreed to pay the Democratic Republic of Congo $180 million to cover all claims arising from any alleged acts of corruption by the company between 2007 and 2018. Picture: BLOOMBERGGlencore has agreed to pay the Democratic Republic of the Congo $180m to cover all claims arising from any alleged acts of corruption by the company between 2007 and 2018.
That includes activities under investigation by the US department of justice and the DRC’s National Financial Intelligence Unit and finance ministry, Glencore said in a statement on Monday. “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,” Chairman Kalidas Madhavpeddi said in the statement.
Glencore’s remedial efforts regarding accusations of bribery, failure to prevent bribery and market manipulation include its companies in the UK, the US and Brazil, reports said. Last month, Glencore was hit with a £276m penalty by a London judge after pleading guilty to co-ordinating a sprawling effort to bribe government officials for access to oil cargoes across Africa. Those revelations came just six months after the London-listed company pleaded guilty in related US cases. In May, Glencore said it expected to pay about $1.5bn in total to resolve three investigations.
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