Glencore plc has announced the closure of the criminal investigation by the Office of the Attorney General of Switzerland (OAG) against Glencore International AG (GIAG). The investigation was related to the bribery of a Congolese public official by a business partner in 2011. The OAG held GIAG criminally liable for failing to have taken all necessary and reasonable organizational measures to prevent the bribery. GIAG has been sentenced to a fine of CHF 2 million and a compensation claim of USD 150 million has been imposed. Glencore has cooperated fully with the investigation and has agreed not to appeal the summary penalty order.
The OAG stated that it did not identify any Glencore employees with knowledge of the bribery, nor did Glencore benefit financially from the conduct of the business partner. The parallel investigation by the Dutch Prosecution Service has also been concluded and the case was dismissed following the resolution of the Swiss investigation. Glencore does not admit the findings of the OAG but has agreed not to appeal the summary penalty order in the interests of resolving the matter.
In a statement, Kalidas Madhavpeddi, Chairman of Glencore, expressed the company's commitment to acting in accordance with its Values, Code of Conduct, and the law. He highlighted the significant measures taken to enhance the Ethics and Compliance Programme, as well as the cooperation with independent compliance monitors mandated by resolutions with the US Department of Justice.
Glencore, a global diversified natural resource company, emphasized its commitment to ethical business practices and compliance with the law. The company has invested heavily to improve its Ethics and Compliance Programme and is dedicated to continuously enhancing it. Glencore also highlighted its efforts to support the global effort to achieve the goals of the Paris Agreement through its Climate Action Transition Plan.
The company's marketing and industrial activities are supported by a global network of more than 50 offices, and it is a major producer and marketer of more than 60 commodities that support decarbonization and meet the energy needs of today. Glencore is also a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals, and an active participant in the Extractive Industries Transparency Initiative.
For further information, Glencore provided contact details for investors and media. The company also shared its commitment to transparency and provided links to its social media platforms for additional information.
This comprehensive summary provides an overview of Glencore plc's resolution of the criminal investigation, its commitment to ethical business practices, and its efforts to support global decarbonization goals.