Swiss prosecutors launch Glencore criminal probe over Congo
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 US Department of Justice and Britain's
Serious Fraud Office.
It has said it was cooperating with all proceedings.
Canada's regulatory authorities fined a Glencore-controlled
subsidiary in 2018 after allegations of inadequate financial disclosures in the
DRC.
Questions over former Israeli partner
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.
Gertler was sanctioned by the United States in 2017 over
allegations he used his friendship with former DRC President Joseph Kabila to
secure sweetheart mining deals.
He denied all allegations of impropriety at the time.
Congo Mines Minister Willy Kitobo Samsoni and a spokesman
for the presidency were not immediately available to comment.
Congo is the world's largest producer of cobalt, used in
batteries for electric vehicles, and Africa's biggest miner of copper.
The top brass at Glencore is expected to step down this year
after years of leadership under South African CEO Ivan Glasenberg.
Glencore's founder Marc Rich was indicted in 1983 for
exploiting the US embargo against Iran, tax evasion, fraud and racketeering. He
fled to Switzerland, where he remained a fugitive pursued by the Justice
Department until he was pardoned by then President Bill Clinton in 2001.
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