Glencore will pay $180 million to settle Democratic Republic of the Congo (DRC) corruption charges.
The world's largest commodities trader Glencore has agreed to pay $180 million to the Democratic Republic of the Congo (DRC) to settle corruption claims. This is only the most recent settlement in a string of worldwide fraud cases that Glencore has had to deal with.
The settlement with the DRC, according to the Anglo-Swiss mining firm, covers "any present and future claims stemming from any alleged acts of corruption" by the Glencore Group between 2007 and 2018.
It happens just after Glencore announced agreements to pay a combined $1.5 billion to address all allegations of market manipulation and wrongdoing with authorities in the US, UK, and Brazil.
A major fraction of Glencore's payments to intermediaries during a ten-year period, according to the US Justice Department, were "intended to be used to pay bribes to authorities" in Nigeria, Cameroon, Ivory Coast, Equatorial Guinea, Brazil, Venezuela, and Congo.
According to the Justice Department, Glencore confirmed that it paid $27.5 million to third parties in the DRC with the intention that some of it would be used to bribe Congolese officials in order to get illegal economic advantages.
In a statement released on Monday, Chairman Kalidas Madhavpeddi said, "Glencore is a long-standing investor in the DRC and is glad to have concluded this Agreement to address the implications of its past behaviour."
In order to promote ethical business practices and good governance in the nation, the company "looks forward to continuing to collaborate with the DRC authorities and other stakeholders," he continued.
A British court ordered Glencore to pay $341 million last month after finding that it had used bribery to boost its oil earnings in five African nations, totaling more than 280 million pounds.
It entered a guilty plea in June after a Serious Fraud Office probe in the UK revealed that it had paid bribes totaling $29 million to secure access to oil in Cameroon, Equatorial Guinea, the Ivory Coast, Nigeria, and South Sudan.
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