Public Management

DRC: Glencore Agrees to Paying $152M to Close Corruption Matter

DRC: Glencore Agrees to Paying $152M to Close Corruption Matter
Friday, 09 August 2024 19:29

Two years ago, Glencore agreed it was involved in several corruption cases related to oil contracts in Cameroon, Nigeria, and Côte d'Ivoire. However, the Swiss company was still facing prosecution in Switzerland for corruption in the mining sector in the Democratic Republic of Congo (DRC).

After a four-year investigation, Swiss authorities have decided to drop the corruption charges against Glencore. The Federal Prosecutor's Office settled with the company, requiring it to pay a fine of 2 million Swiss francs (about $2.34 million) and damages of $150 million.

In a statement dated August 5, 2024, the Swiss Federal Prosecutor wrote that Glencore was convicted of not taking "all reasonable and necessary organizational measures to prevent the bribery of foreign public officials." The alleged bribing happened in 2011–one of Glencore’s business partners had acquired minority stakes in two mining companies in the DRC.

"The MPC stated that it had not identified any Glencore employees with knowledge of the acts of corruption committed by the business partner," Glencore wrote in a separate statement. According to the statement, the firm does not agree with the prosecutor's findings but decided not to appeal to resolve the case.

It is worth noting that Glencore faced similar legal actions in the UK and the US in 2022 regarding corruption in oil contracts in Nigeria, Côte d'Ivoire, and Cameroon. The firm currently operates two copper and cobalt mines in the DRC.

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
71% of consumers say lending rates remain non-competitive across African markets. Over 54% of respondents cite a lack of transparency on interest...
Pilot to expand SME financing via crowdfunding Project introduces crowdlending, investing to address limited bank credit FOGEC to guarantee...
Lomé hosts conference on expanding insurance access for low-income groups Stakeholders discuss microinsurance solutions for informal and rural...
First investor town hall since 2021 signals renewed engagement with markets Authorities highlight disinflation, fiscal consolidation and debt...
Most Read
01

Firms move beyond payments toward integrated SME platforms Services include invoicing, inve...

African fintechs are moving beyond payments - and into business operations
02

The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...

West Africa Targets Diaspora Funds With New Banking Access Rules
03

UBA UK, BII sign intent to expand trade finance in Africa Partnership targets funding gaps for in...

UBA, British International Investment explore Africa trade finance deal
04

Ghana to submit UN resolution on slave trade March 25 Draft seeks recognition as gravest crime ag...

Ghana pushes UN recognition of slave trade as crime against humanity
05

ECOWAS, Energy China discuss regional power infrastructure cooperation Talks cover $36.3...

ECOWAS, China Discuss Cooperation on West Africa Power Projects Under $36.39B Plan
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.