Miner Glencore pays $180m in latest corruption case




  • In World
  • 2022-12-05 12:33:47Z
  • By BBC
The Kolwezi mine in DRC
The Kolwezi mine in DRC  

The Swiss-based mining company, Glencore, has said it will pay $180m (£147m) to the Democratic Republic of Congo to settle corruption claims.

The agreement covers an 11-year period from 2007 to 2018.

It is the latest in a series of corruption cases which has seen Glencore agree to pay out more than $1.6bn in fines this year.

In May it admitted bribing officials in several African nations including Nigeria, Cameroon and Congo.

That followed an investigation by American, British and Brazilian authorities which also covered corruption claims in Latin America.

Despite the fines Glencore is expected to make record profits of around $3.2bn this year.

The mining firm said the settlement with the Democratic Republic of Congo (DRC) covers "all present and future claims arising from any alleged acts of corruption" by the Glencore Group between 2007 and 2018.

The settlement follows investigations by the African country's authorities and the US Department of Justice, it 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," Glencore's chairman Kalidas Madhavpeddi said.

Glencore is one of the world's largest commodities companies, employing around 135,000 people in more than 35 countries.

COMMENTS

More Related News

Pope Francis in DR Congo: A million gather for Kinshasa Mass
Pope Francis in DR Congo: A million gather for Kinshasa Mass
  • World
  • 2023-02-01 12:57:17Z

This is said to be the second largest Mass Pope Francis has held, after one in the Philippines in 2014.

Global report highlights link between corruption, violence
Global report highlights link between corruption, violence
  • World
  • 2023-01-31 07:29:32Z

Most of the world continues to fail to fight corruption with 95 % of countries having made little to no progress since 2017, a closely watched study by an...

More African Nations Are Expected to Tap the G-20
More African Nations Are Expected to Tap the G-20's Debt-Restructuring Plan
  • World
  • 2023-01-30 04:00:00Z

(Bloomberg) -- More African countries are expected to join Chad, Zambia, Ethiopia and Ghana in seeking to restructure debts under the Group-of-20 nations' so...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: World