Commodities giant Glencore has been slapped with a hefty fine of over $150 million by Swiss prosecutors for its role in a bribery scandal linked to the Democratic Republic of Congo’s mining industry.
The Swiss attorney general’s office announced Monday that Glencore International AG had been found criminally liable for failing to prevent a business partner from bribing a Congolese official in connection with the company’s 2011 acquisition of stakes in two Congolese mining companies.
While Glencore denied any employee knowledge of the bribery or financial benefit from the partner’s actions, the company has agreed to pay a $2.4 million fine and a $150 million compensation claim.
Despite the hefty penalty, Glencore has stated it will not appeal the decision.
The multinational company has faced increasing scrutiny in recent years over its operations in resource-rich countries.
In 2022, it reached a separate settlement with the Congolese government worth $180 million to resolve bribery allegations spanning a decade.
Glencore has pledged to bolster its ethics and compliance program in response to the ongoing investigations.
Two independent compliance monitors have been appointed to oversee the company’s operations for the next three years as part of a settlement with the U.S. Department of Justice.