malvernmugadzikwa
Bloomberg
Glencore agreed to pay the Democratic Republic of Congo $180 million to cover all claims arising from any alleged acts of corruption by the company between 2007 and 2018.
That includes activities under investigation by the US Department of Justice and Congo’s National Financial Intelligence Unit and Ministry of Justice, Glencore said in a statement on Monday.
“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,” chairperson Kalidas Madhavpeddi said in the statement.
Last month, Glencore was hit with a £276 million ($340 million) penalty by a London judge after pleading guilty to coordinating a sprawling effort to bribe government officials for access to oil cargoes across Africa.
Those revelations came just six months after the London-listed company pleaded guilty in related US cases. In May, Glencore said it expected to pay around $1.5 billion in total to resolve three investigations.
Bongani Ndlovu