Business
Swiss and Dutch investigations resolved
Swiss and Dutch investigations resolved.
About this update from Glencore Plc
[{"type":"text","content":"\n\n \n \nGlencore plc\n5 August 2024\nBaar, Switzerland\n \nSwiss and Dutch investigations resolved\n \nGlencore plc (\"Glencore\") notes that the Office of the Attorney General of Switzerland (\"OAG\") has closed its criminal investigation against Glencore International AG (\"GIAG\") with a summary penalty order and an abandonment order.\n \nThe summary penalty order holds GIAG 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.\n \nThe OAG stated in the summary penalty order that it did not identify that any Glencore employees had any knowledge of the bribery by the business partner, nor did Glencore benefit financially from the conduct of the business partner.\n \nGIAG has been sentenced to a fine of CHF 2 million and the OAG imposed a compensation claim in the amount of USD 150 million in respect of the estimated benefit obtained by the business partner. Glencore has cooperated fully with the investigation by the OAG and taken significant measures to enhance its compliance programme, particularly since 2016, both of which were taken into account as mitigating factors in setting the amount of the fine. \n \nThe parallel investigation by the Dutch Prosecution Service has also been concluded, and the case was dismissed following the resolution of the Swiss investigation.\n \nGlencore does not admit the findings of the OAG, but in the interests of resolving this matter has agreed not to appeal the summary penalty order.\n \nIn a statement, Kalidas Madhavpeddi, Chairman of Glencore said:\n \n\"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.\n \n\"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 ...