Swiss multinational commodity trading and mining company, Glencore is set to cover corruption claims arising in the Democratic Republic of Congo by the group.
The firm and the country reached a deal to pay US$180m and will continue to implement the Ethics and Compliance Programme the company committed to in its resolution with the DOJ. This is after the company 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.
Agreement details
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.
