Swiss authorities have finalised a settlement with Glencore, concluding an extensive four-year investigation.
The settlement involves Glencore paying approximately £119 million, addressing allegations of bribery related to Congolese mining deals.
In 2011, Glencore’s business partner was implicated in bribing a Congolese public official to acquire minority stakes in mining companies. This initiated a Swiss investigation into the compliance measures of Glencore, focusing on its organisational safeguards against such bribery activities. The probe examined the adequacy of Glencore’s internal controls and their failure to prevent this malpractice.
The Swiss office acknowledged Glencore’s efforts in providing necessary information and facilitating the closure of the investigation. This cooperation was considered when determining the final settlement figures.
The investigation into any co-defendants associated with the case remains ongoing, indicating that the case may not be entirely closed for all parties involved.
Madhavpeddi emphasized Glencore’s commitment to legal compliance, stating that the company acts in accordance with its values, code of conduct, and the law.
Despite this resolution, the UK’s Serious Fraud Office has recently charged five former Glencore employees with conspiracy to make corrupt payments in West Africa, suggesting that the ramifications of Glencore’s past activities are still being assessed.
Glencore’s resolution of historical legal issues represents a step towards restoring its corporate reputation. However, ongoing investigations and legal challenges highlight the need for continued diligence in compliance and governance practices.
By settling with Swiss authorities, Glencore has taken a substantial step in addressing its legal challenges.
The company’s cooperation and financial settlement reflect an effort to reinforce compliance and move forward.
