Glencore has been forced to pay $150 million as a result of its failure to implement adequate procedures to prevent bribery over its acquisition of mining assets in the Democratic Republic of Congo.
This comes as Swiss prosecutors completed a four-year investigation into the company's acquisition of mining assets in the Congo.
The Swiss Attorney-General’s Office said in a statement that “Glencore’s failure to take all necessary and reasonable organizational measures” warranted a 2-million Swiss franc ($2.4 million) fine and a further $150 million in compensation.
“Glencore is pleased to have resolved these investigations relating to past matters that occurred over 13 years ago,” Chairperson Kalidas Madhavpeddi was quoted as saying by Bloomberg.
“This resolves the last of the previously disclosed government investigations into historical misconduct.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
