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Switzerland: Prosecutors launch criminal investigation into Glencore's mining activities in the DRC for alleged corruption

Author: Zandi Shabalala & Helen Reid, Reuters, Published on: 23 June 2020

"Swiss prosecutors launch Glencore criminal probe over Congo" 19 June 2020

Switzerland’s Attorney General’s Office (OAG) has opened a criminal probe into commodity miner and trader Glencore over allegations it failed to have measures in place to prevent corruption in the Democratic Republic of Congo (DRC).

The Swiss-based, London-listed multinational, which is subject to various international inquiries, said it would cooperate with the probe, but declined to comment further. 

In a statement on Friday, the OAG said it opened the criminal proceedings against Glencore this month, but it was not possible to predict the timeframe or course of the case. 

Prosecutors began investigations against “unknown perpetrators” after receiving a complaint in 2017 on suspicion of bribery of foreign public officials, the OAG said.

Glencore also faces corruption and bribery investigations by several other entities including the U.S. Department of Justice and Britain’s Serious Fraud Office...

The numerous probes and exposure to coal have seen Glencore’s shares underperform peers. 

Glencore mines copper and cobalt from Congo, where its links to former partner and Israeli billionaire businessman Dan Gertler have been the subject of scrutiny...

Read the full post here

Related companies: Glencore