Glencore SA vows innocence
Coal and ferroalloys producer Glencore South Africa (Glencore SA) has assured stakeholders that none of Glencore’s South African operations or employees are under investigation for misconduct.
This follows parent company Switzerland-headquartered Glencore last week pleading guilty to bribery and, in some instances, market manipulation, in the US, the UK and Brazil, and agreeing to pay a $1.2-billion fine.
Some of the charges brought against Glencore arose out of a decade-long scheme by the group and some of its subsidiaries to make and conceal corrupt payments and bribes through intermediaries for the benefit of foreign officials across multiple countries.
Although many of these instances are alleged to have taken place in Africa, in countries such as Nigeria, Cameroon, Côte d’Ivoire, the Democratic Republic of Congo and Equatorial Guinea, Glencore SA earnestly acknowledges the negative impact caused by the misconduct of the group and says there is no place for this type of behaviour in “the Glencore of today”.
Glencore SA states it remains committed to operating transparently under a well-defined set of values, with openness and integrity at the forefront.
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