A recent update on one of its cases dictates that the company would be compensating the Democratic Republic of Congo with the sum of $180 million to settle corruption claims.
This year alone, Glencore has been legally mandated to pay $1.6 billion in damages, following an ugly series of corruption scandals.
Earlier this year in May, Glencore admitted to bribing officials in several African nations including DR Congo (DRC).
These bribery accusations go way past the borders of Africa, as Gelnocre has corruption cases scattered across the Americas and Europe.
However, the scandal case in the DRC spans a decade, from 2007 to 2018, following investigations into the miner’s activities in the country within the period in review, where numerous shreds of evidence of bribery were uncovered.
According to a report released by the US Department of Justice on the 24th of May 2022, detailing the company’s unethical practices, it noted that Glencore used illegal means to get a competitive edge over its business rivals.
“In the DRC, Glencore admitted that it conspired to and did corruptly offer and pay approximately $27.5 million to third parties while intending for a portion of the payments to be used as bribes to DRC officials, in order to secure improper business advantages.” The report reads in part.
“In July 2021, a former senior trader in charge of Glencore’s West Africa desk for the crude oil business pleaded guilty to one count of conspiracy to violate the FCPA and one count of conspiracy to commit money laundering.” The report adds.
Some of Glencore’s properties in DRC include the Mutanda copper-cobalt mine and a controlling stake in KCC, a large copper-cobalt project.
The company noted that it is glad to be moving past this incident and resuming cordial relations with the DRC. The DRC in turn has refused to comment on the issue.
“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,” the chairman of Glencore, Kalidas Madhavpeddi said.
Glencore is one of the world’s largest commodities companies, employing around 135,000 people in more than 35 countries.