Glencore has announced it will pay approximately $152 million in fines and compensation following a Swiss investigation that found the company liable for failing to prevent the bribery of a Congolese public official by a business partner in 2011.
While Glencore does not admit to the findings of the Swiss Office of the Attorney General (OAG), the company has opted not to appeal the penalty order in order to resolve the matter promptly. The total includes a fine of 2 million Swiss francs (about $2.36 million) and a compensation claim of around $150 million.
The OAG’s summary penalty order indicated that no Glencore employees were found to have knowledge of the bribery, nor did the company financially benefit from the actions of the business partner. Additionally, a parallel investigation by Dutch authorities has been concluded, with the case dismissed following the resolution of the Swiss investigation.