Glencore Agrees to Pay $180m to DR Congo to Settle Corruption Claims, Admits to Bribing Officials in Multiple Countries

1: glencore, a global commodities company, has agreed to pay $180m to the democratic republic of congo to settle corruption claims. the agreement covers an 11-year period from 2007 to 2018 and includes allegations of bribery in several african nations including dr congo, cameroon, equatorial guinea, ivory coast, nigeria, south sudan, brazil and venezuela. glencore has also agreed to pay out more than $1.6bn in fines this year.

2: the investigation into glencore’s corrupt practices was conducted by american, british and brazilian authorities and uncovered evidence of bribery in several countries. last month, a uk court ordered the company to pay more than â£285m over african bribes linked to its london-based commodities trading desk. the settlement with the congolese government will cover “all present and future claims arising from any alleged acts of corruption” by the glencore group between 2007 and 2018.

3: glencore owns several assets in the democratic republic of congo, including the mutanda copper-cobalt mine and a controlling stake in kcc. the company admitted to corruptly conspiring to pay around $27.5m to third parties to secure “improper business advantages” in drc. bribery is a highly corrosive offence and spreads like a disease, and glencore’s chairman has admitted “unacceptable practices” have taken place. despite this, the company is expected to make record profits of around $3.2bn this year.

By Evey Lovelace

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