Commodity trading giant Glencore announced on Monday December 5 that it had reached an agreement with the Democratic Republic of Congo. The company undertakes to pay 180 million dollars in compensation, which should put an end to the disputes concerning accusations of corruption.
In a press release published Monday, December 5, the Swiss-based mining group Glencore indicates that it will pay 180 million dollars in compensation to the DRC. This sum relates to the activities of its subsidiaries which have been the subject of investigations, in particular by the US Department of Justice, the Congolese Ministry of Justice and the DRC’s Financial Intelligence Unit. 180 million which generally covers all present and future legal claims concerning alleged acts of corruption for the period 2007-2018, the statement said.
Corruption charges in several countries
” glencore is a long-time investor in the DRC and is pleased to have entered into this agreement to deal with the consequences of its past conduct said group chairman Kalidas Madhavpeddi. It is committed to working with authorities and other stakeholders for good governance and ethical business practices. The press release also specifies that the company has a renewed board of directors and management team. The agreement was hailed on Twitter by the Coordinator of the Congolese Agency for the Prevention and Fight against Corruption, Thierry Mbulamoko.
I welcome the agreement obtained from Glencore for the benefit of the DRC to remedy the consequences of its past actions. I congratulate our anti-corruption institutions and the Government for this success.
— Thierry Mbulamoko (@mbulamoko) December 5, 2022
The corruption charges against glencore concern not only the DRC, but also other countries on the African and South American continent. In the case of lawsuits tried last month in the UK, these included bribes paid for preferential access to oil resources in Nigeria, Cameroon, Ivory Coast, etc. For these facts, glencore pleaded guilty and was ordered to pay a fine of 320 million euros.