On Monday, Glencore announced that it would reimburse and fine the Swiss authorities approximately $152 million for their finding that the company was responsible for allowing a business partner to bribe a public official in the Democratic Republic of the Congo in 2011.
In order to settle the dispute, the multinational miner and trader said that while it does not accept the conclusions of the Swiss Attorney General’s office, it has decided not to appeal the fine.
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) and faces a compensation claim of approximately $150 million from the Office of the Attorney General (OAG) in Switzerland.
In the summary penalty order, the OAG claimed that neither Glencore nor its employees knew of the business partner’s bribery, nor that Glencore had benefited monetarily from the business partner’s actions.
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