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Glencore to pay $180m over DRC corruption claims

The commodities company reached a settlement over allegations of bribery between 2007 and 2018.

Commodity giant Glencore has agreed to pay $180 million to the Democratic Republic of Congo (DRC) to cover corruption allegations.

The Anglo-Swiss mining company said on Monday the settlement with the DRC covers “all current and future claims arising from alleged acts of corruption” by the Glencore Group between 2007 and 2018.

It comes months after Glencore announced deals with authorities in the United States, Britain and Brazil to pay a total of $1.5 billion to clear all allegations of corruption and market manipulation.

The US Justice Department said in May that Glencore paid more than $100 million to intermediaries over 10 years, “with the intent that a significant portion of these payments would be used to pay bribes to public officials” in Nigeria, Cameroon, the Ivory Coast , Equatorial Guinea, Brazil , Venezuela and Congo.

In the DRC, Glencore acknowledged it had paid $27.5 million to third parties with the goal that some would be used to bribe Congolese officials to secure improper business advantages, the Justice Department said.

“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 a statement Monday.

The company “looks forward to continuing to work with DRC authorities and other stakeholders to facilitate good governance and ethical business practices in the country,” he added.

Last month, a British court ordered Glencore to pay more than £280 million ($341 million) for using bribes to boost oil profits in five African countries.

It pleaded guilty in June after an investigation launched in 2019 by the United Kingdom’s Serious Fraud Office found it had paid bribes totaling $29 million to access oil in Cameroon, Equatorial Guinea , Ivory Coast, Nigeria and South Sudan.

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Merry

Merry C. Vega is a highly respected and accomplished news author. She began her career as a journalist, covering local news for a small-town newspaper. She quickly gained a reputation for her thorough reporting and ability to uncover the truth.

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