Glencore announced on Monday that it would pay roughly $152 million in fines and compensation after Swiss authorities determined that the company was responsible for allowing a business partner to bribe a public official in the Democratic Republic of the Congo in 2011.
The multinational miner and trader stated that while it does not accept the conclusions of the Swiss Attorney General’s office, it has decided not to appeal the fine in order to settle the dispute.
Glencore further stated that the case was dropped after the Swiss investigation was resolved, and a parallel investigation by Dutch authorities was also completed.
According to the company, Glencore International has been fined 2 million Swiss francs ($2.36 million). It faces a compensation claim of approximately $150 million from the Office of the Attorney General (OAG) in Switzerland.
According to the summary penalty order, the OAG did not find any evidence that any Glencore employees knew of the business partner’s bribery or that Glencore benefited financially from the business partner’s actions.
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