Global diversified miner Glencore has reached an agreement with the Democratic Republic of Congo (DRC) covering all present and future claims arising from alleged acts of corruption by the group in the country between 2007 and 2018.
This includes activities in certain group businesses that have been the subject of various investigations by the US Department of Justice and the DRC’s National Financial Intelligence Unit and Ministry of Justice.
The agreement entails Glencore International paying the DRC government $180-million and continuing to implement an Ethics and Compliance Programme in the country, on behalf of its Congolese-associated companies.
Glencore chairperson Kalidas Madhavpeddi says 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.
Glencore has also undertaken remedial efforts in respect of counts of bribery, failure to prevent bribery and market manipulation in some group businesses that are based in the UK, the US and Brazil.
The group has since invested substantial resources towards developing a best-in-class Ethics and Compliance Programme, along with a refreshed board and management team, including in the DRC.