Glencore Agrees to Pay $180 Million to D R Congo

Glencore Helps Zambia’s Mopani Copper Mines Pay Bills (News Central TV)

The London-listed mining and commodities trading giant Glencore has reached an agreement with the Democratic Republic of Congo to pay $180 million covering all present and future claims arising from alleged acts of corruption by its executives in the country between 2007 and 2018.  

The agreement also entails Glencore International to continue the implementation of an Ethics and Compliance Programme in the country, on behalf of its Congolese-associated companies.

Glencore Agrees to Pays $180 Million to D R Congo (News Central TV)

Glencore chairperson Kalidas Madhavpeddi says 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.

The company has also undertaken remedial efforts in respect of counts of bribery, failure to prevent bribery and market manipulation in some group businesses that are based in the UK, the US and Brazil.

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In May, Glencore pleaded guilty in an out-of-court settlement with the DOJ to having been involved in bribery payments in seven countries in Africa and South America, including the Democratic Republic of the Congo. The company was fined over a billion dollars at the time.

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