REG - Glencore PLC - Swiss and Dutch investigations resolved

GlencoreAnnouncement

05/08/2024 13:30

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RNS Number : 2268Z  Glencore PLC  05 August 2024

 

 

Glencore plc

5 August 2024

Baar, Switzerland

 

Swiss and Dutch investigations resolved

 

Glencore plc ("Glencore") notes that the Office of the Attorney General of
Switzerland ("OAG") has closed its criminal investigation against Glencore
International AG ("GIAG") with a summary penalty order and an abandonment
order.

 

The summary penalty order holds GIAG criminally liable for failing to have
taken all necessary and reasonable organisational measures to prevent the
bribery of a Congolese public official by a business partner in 2011 in
connection with the acquisition from the state-owned mining company by that
business partner of minority stakes in two mining companies in the Democratic
Republic of the Congo.

 

The OAG stated in the summary penalty order that it did not identify that any
Glencore employees had any knowledge of the bribery by the business partner,
nor did Glencore benefit financially from the conduct of the business partner.

 

GIAG has been sentenced to a fine of CHF 2 million and the OAG imposed a
compensation claim in the amount of USD 150 million in respect of the
estimated benefit obtained by the business partner. Glencore has cooperated
fully with the investigation by the OAG and taken significant measures to
enhance its compliance programme, particularly since 2016, both of which were
taken into account as mitigating factors in setting the amount of the fine.

 

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 in the interests of
resolving this matter has agreed not to appeal the summary penalty order.

 

In a statement, Kalidas Madhavpeddi, Chairman of Glencore said:

 

"Glencore is pleased to have resolved these investigations relating to past
matters that occurred over 13 years ago. This resolves the last of the
previously disclosed government investigations into historical misconduct.

 

"The Board and management of Glencore are clear - acting in accordance with
our Values, our Code of Conduct, and the law is non-negotiable. Over the last
number of years, we have invested heavily to improve our Ethics and Compliance
Programme. We are committed to continuing to enhance the Programme and are
working to embed ethics and compliance in each facet of our business, no
matter where in the world we operate.

 

"The two independent compliance monitors mandated by our resolutions with the
US Department of Justice began their work in mid-2023. We have dedicated
substantial effort and resources to enable constructive engagement with the
monitors and their teams. We have commenced implementation of their
recommendations arising from their first report and look forward to continuing
to work with them over the balance of their three-year term to continuously
improve our Programme."

 

For further information please contact:

 Investors
 Martin Fewings     t: +41 41 709 28 80  m: +41 79 737 56 42  martin.fewings@glencore.com
 Media
 Charles Watenphul  t: +41 41 709 24 62  m: +41 79 904 33 20  charles.watenphul@glencore.com

 

www.glencore.com

Glencore LEI: 2138002658CPO9NBH955

Notes for Editors

Glencore is one of the world's largest global diversified natural resource
companies and a major producer and marketer of more than 60 commodities that
advance everyday life. Through a network of assets, customers and suppliers
that spans the globe, we produce, process, recycle, source, market and
distribute the commodities that support decarbonisation while meeting the
energy needs of today.

With over 150,000 employees and contractors and a strong footprint in over 35
countries in both established and emerging regions for natural resources, our
marketing and industrial activities are supported by a global network of more
than 50 offices.

Glencore's customers are industrial consumers, such as those in the
automotive, steel, power generation, battery manufacturing and oil sectors. We
also provide financing, logistics and other services to producers and
consumers of commodities.

Glencore is proud to be a member of the Voluntary Principles on Security and
Human Rights and the International Council on Mining and Metals. We are an
active participant in the Extractive Industries Transparency Initiative.

We will support the global effort to achieve the goals of the Paris Agreement
through our efforts to decarbonise our own operational footprint. We believe
that we should take a holistic approach and have considered our commitment
through the lens of our global industrial emissions. Against a restated 2019
baseline, we are targeting to reduce our Scope 1, 2 and 3 industrial emissions
by 15% by the end of 2026, 25% by the end of 2030, 50% by the end of 2035 and
we have an ambition to achieve net zero industrial emissions by the end of
2050, subject to a supportive policy environment. For more information see our
2024-2026 Climate Action Transition Plan and the About our emissions
calculation and reporting section in our 2023 Annual Report, available on our
website at glencore.com/publications.

 

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Important Information

This material does not purport to contain all of the information you may wish
to consider. For further important information, including in connection with
forward-looking statements and other cautionary information, refer to the
Important notice section of Glencore's 2023 Annual Report, which is available
at glencore.com/publications. This document does not constitute or form part
of any offer or invitation to sell or issue, or any solicitation of any offer
to purchase or subscribe for any securities.

 

Other information

The companies in which Glencore plc directly and indirectly has an interest
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"Glencore group" and "Group" are used for convenience only where references
are made to Glencore plc and its subsidiaries in general. These collective
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are also used to refer collectively to members of the Group or to those who
work for them. These expressions are also used where no useful purpose is
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