Federal prosecutors in Switzerland say they have found Glencore’s international unit “criminally liable” and ordered the commodities giant to pay over $150 million in fines and compensation after ending a probe of bribery involving Congo’s mining industry.
FILE - This April 14, 2011 file picture shows the Glencore headquarters in Baar, Switzerland . Federal prosecutors said Monday, Aug. 5, 2024, they have found Glencore’s international unit “criminally liable” and ordered the commodities giant to pay over $150 million in fines and compensation after ending a probe of bribery in connection withCongo’s mining industry over a decade ago.
The Swiss attorney general’s office said Glencore International AG failed to take adequate measures to prevent bribery of a Congolese public official by a business partner over its purchase in 2011 of minority stakes in two companies from the central African country’s state mining company.
Glencore International was handed a fine of 2 million Swiss francs and ordered to pay a “compensation claim” of $150 million in connection with the estimated benefit to the partner. Glencore and other international commodities companies regularly face scrutiny and criticism from non-governmental groups and authorities over the tactics they use to win contracts and business in developing countries with large amounts of oil, diamonds, minerals and other coveted natural resources.US Sen.
General News Europe F Switzerland Government World News Business Switzerland Democratic Republic Of The Congo I Democratic Republic Of The Congo Government
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elegance Meets Sporty in the Omega Seamaster Aqua Terra 150mSimplicity meets sophistication as Omega unveils the Omega Seamaster Aqua Terra 150m with black varnished dials.
Read more »
Chilean Cobalt enters offtake deal, partnership with GlencoreNo 1 source of global mining news and opinion
Read more »
Gov. Wes Moore seeks $150M in budget cuts to pay for child care, health careThe Maryland Democrat pitches the cuts just 10 days after the fiscal year started, citing fears that key priorities will run out of cash.
Read more »
Salazars begin site work on $150M Alamo Drafthouse-anchored Glendale projectA groundbreaking ceremony was held for a 10-acre entertainment district in Glendale, the final variation of a project the city has been planning for more than a decade.
Read more »
Cyprium, Glencore partner up to restart Nifty copper mine in AustraliaNo 1 source of global mining news and opinion
Read more »
Glencore's ex-head of oil charged with bribery offences by Britain's Serious Fraud OfficeAlex Beard is one of five ex-Glencore employees charged with conspiracy to make corrupt payments.
Read more »