FTSE 100-listed mining company Glencore PLC (LSE:GLEN) has been ordered by the Attorney General of Switzerland to pay $150 million in compensation claims plus a two million Swiss franc (£1.8 million) fine following a bribery investigation involving a Congolese public official in 2011.
Disclosing the judgement in the regulatory statement, Glencore wrote: “The summary penalty order holds (Glencore) criminally liable for failing to have taken all necessary and reasonable organisational measures to prevent the bribery of a Congolese public official by a business partner in 2011 in connection with the acquisition from the state-owned mining company by that business partner of minority stakes in two mining companies in the Democratic Republic of the Congo.”
Glencore said it will not appeal the summary penalty in the interests of resolving the dispute, though it “does not admit the findings of the OAG”.
In a statement, Kalidas Madhavpeddi, chairman of Glencore added: "Glencore is pleased to have resolved these investigations relating to past matters that occurred over 13 years ago. This resolves the last of the previously disclosed government investigations into historical misconduct.
"The board and management of Glencore are clear - acting in accordance with our Values, our Code of Conduct, and the law is non-negotiable. Over the last number of years, we have invested heavily to improve our Ethics and Compliance Programme.
“We are committed to continuing to enhance the Programme and are working to embed ethics and compliance in each facet of our business, no matter where in the world we operate.
"The two independent compliance monitors mandated by our resolutions with the US Department of Justice began their work in mid-2023.
“We have dedicated substantial effort and resources to enable constructive engagement with the monitors and their teams. We have commenced implementation of their recommendations arising from their first report and look forward to continuing to work with them over the balance of their three-year term to continuously improve our Programme."