In 2022, Glencore admitted its involvement in several corruption cases related to the awarding of oil contracts in Cameroon, Nigeria, and Ivory Coast.
However, the Swiss company still faced prosecution in its home country for corruption in the mining sector in the Democratic Republic of Congo (DRC).
End of Swiss Proceedings
After a four-year investigation, Swiss authorities have closed the case against Glencore for corruption. The federal prosecutor reached an agreement with the commodities trader, requiring them to pay a fine of 2 million Swiss francs ($2.34 million) and compensation of $150 million.
Failure to Prevent Corruption
According to a statement from the Swiss Attorney General’s Office (OAG) released on Monday, August 5th, Glencore is being penalized for not having taken “all reasonable and necessary organizational measures to prevent the bribery of foreign public officials.”
The alleged corruption reportedly took place in the DRC during the 2011 acquisition of minority stakes in two mining companies by a Glencore business partner.
Glencore’s Response
“The OAG stated in the summary penalty order that it did not identify any Glencore employees having knowledge of the bribery by the business partner […] Glencore does not admit the OAG’s findings, but in the interest of resolving this matter, has agreed not to appeal the order,” the company said in a separate statement.
Previous Settlements and Current Operations
This agreement with the Swiss authorities follows similar proceedings in the United Kingdom and the United States in 2022, concerning corruption in the awarding of oil contracts in Nigeria, Ivory Coast, and Cameroon. In the DRC, Glencore currently operates two mines producing copper and cobalt.