Federal prosecutors in Switzerland have declared Glencore’s international unit “criminally liable,” imposing fines and compensation totaling over $150 million.
This follows a probe into bribery linked to Congo’s mining industry.
The Swiss attorney general’s office found that Glencore International AG failed to prevent bribery involving a Congolese official, connected to its 2011 purchase of stakes from Congo’s state mining firm.
While Glencore did not admit to the charges, it has decided against appealing the findings.
The company asserts that no employees were aware of the bribery, nor did it financially benefit from it.
Glencore was fined 2 million Swiss francs (about $2.4 million) and ordered to pay $150 million in compensation, reflecting the benefit gained by the business partner.
Facing ongoing scrutiny, Glencore has been criticized by NGOs and authorities for its business practices in developing countries.
The company has committed to enhancing its ethics and compliance program, with independent monitors overseeing its progress.
