(Ecofin Agency) - 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.