Glencore has reached an agreement with the Democratic Republic of the Congo (DRC) covering all present and future claims arising from the group's suspected acts of corruption in the Central African country between 2007 and 2018.
It said this includes activities in paid certain group companies, which have been the subject of various investigations, including by the US Department of Justice (DOJ) and the National Financial Intelligence Unit and the Department of Justice of the Democratic Republic of the Congo.
Glencore, on behalf of its Congo-affiliated companies, will pay $180 million to DRC and continue to implement the ethics and compliance programme.
The agreement is governed by Congolese law and the only admissions made relate to conduct already recognised in Glencore's resolution with the DOJ.
“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,” said Glencore chairperson Kalidas Madhavpeddi.
“Glencore has actively promoted its ethics and compliance programme in the DRC in recent years and looks forward to continuing to work with the DRC authorities and other stakeholders to facilitate good governance and ethical business practices in the country.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
