Date: August 06, 2024
Source: https://www.ft.com
Glencore has agreed to pay a $152 million settlement to resolve a long-standing bribery investigation in Switzerland. The commodity trading giant was accused of failing to prevent a business partner from bribing a Congolese official in 2011.
While Glencore denies any wrongdoing by its employees, it has decided not to appeal the Swiss authorities’ decision to close the case. This marks the end of the last publicly known investigation into historical corruption claims that have plagued the company for years.
The settlement comes as Glencore continues to grapple with the fallout from a series of bribery and corruption scandals. In recent years, the company has paid over $1 billion in fines to US, UK, and Brazilian authorities. Other major commodity traders, including Gunvor and Trafigura, have also faced similar allegations and hefty penalties.
Glencore is a significant player in the global commodities market, with extensive operations in the Democratic Republic of Congo, a key source of copper and cobalt. The company has faced scrutiny over its business dealings in the country, particularly its relationship with sanctioned Israeli businessman Dan Gertler.
While this settlement brings closure to the Swiss investigation, the broader issue of corporate corruption in the commodities sector remains a pressing concern. As regulators increase their scrutiny of these companies, it is likely that more cases will come to light in the future.
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