Glencore Ordered to Pay Over $150 Million Following Congo Mining Bribery Case

Federal prosecutors in Switzerland have determined that Glencore International AG is “criminally liable” for bribery related to its mining operations in the Democratic Republic of Congo. The company has been fined 2 million Swiss francs (approximately $2.4 million) and ordered to pay $150 million in compensation following an investigation into its 2011 purchase of minority stakes from Congo’s state mining company.
The Swiss attorney general’s office found that Glencore failed to implement adequate measures to prevent bribery by a business partner, although the company did not admit to wrongdoing. Glencore stated that no employees were aware of the bribery and that it did not financially benefit from the partner’s actions.
This case adds to Glencore’s legal challenges, including a 2022 settlement with Congo’s government for $180 million related to similar bribery allegations. Chairman Kalidas Madhavpeddi emphasized the company’s commitment to improving its ethics and compliance programs, including the appointment of two independent compliance monitors.