- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-12-06T21:31:00
Swiss-based commodity trading and mining company Glencore agreed to pay $180 million to the government of the Democratic Republic of the Congo (DRC) to settle claims arising from alleged corrupt practices that took place for more than a decade.
The agreement, announced Monday, covers “all present and future claims arising from any alleged acts of corruption by the Glencore Group in the DRC between 2007 and 2018,” including those already investigated as part of probes by the U.S. Department of Justice (DOJ) and the DRC’s National Financial Intelligence Unit and Ministry of Justice, among others, the company said.
The settlement is the third Glencore has finalized this year. Collectively, the penalties are in line with the company’s expectation—as stated in its 2021 annual report—a provision of $1.5 billion would likely resolve all the regulatory investigations it faced.
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Glencore Energy UK was ordered to pay nearly £281 million (U.S. $314 million) in fines and costs after an investigation by the U.K.’s Serious Fraud Office (SFO) found it paid $29 million in bribes to gain preferential access to oil in Africa to boost profits.
Glencore International AG, one of the world’s largest commodity traders, will be placed under a three-year compliance monitorship and pay more than $1 billion to resolve multiple investigations into alleged bribes paid in several countries over more than a decade.
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
Prysmian Cables and Systems USA agreed to pay $920,000 to settle allegations it falsified tests and compliance certifications concerning cable it sold to the U.S. military for use in vehicles, the Department of Justice said.
