Glencore pays DRC govt $180m in remedial efforts

World diversified miner Glencore has reached an settlement with the Democratic Republic of Congo (DRC) masking all current and future claims arising from alleged acts of corruption by the group within the nation between 2007 and 2018.

This consists of actions in sure group companies which have been the topic of assorted investigations by the US Division of Justice and the DRC’s Nationwide Monetary Intelligence Unit and Ministry of Justice.

The settlement entails Glencore Worldwide paying the DRC authorities $180-million and persevering with to implement an Ethics and Compliance Programme within the nation, on behalf of its Congolese-associated firms.

Glencore chairperson Kalidas Madhavpeddi says Glencore is a long-standing investor within the DRC and is happy to have reached this settlement to deal with the implications of its previous conduct.

Glencore has additionally undertaken remedial efforts in respect of counts of bribery, failure to stop bribery and market manipulation in some group companies which might be primarily based within the UK, the US and Brazil.

The group has since invested substantial assets in direction of creating a best-in-class Ethics and Compliance Programme, together with a refreshed board and administration staff, together with within the DRC.

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