FX.co ★ Glencore To Pay CHF 2 Million Fine, $150 Mln Compensation In Bribery Investigation; Stock Down

Glencore Plc (GLCNF.PK) announced on Monday that Switzerland's Office of the Attorney General (OAG) has imposed a fine of CHF 2 million, along with a compensation claim of $150 million, following an investigation into bribery allegations.

The OAG's investigation revealed that Glencore did not prevent bribery committed by a business partner, who, in 2011, bribed a Congolese public official during the acquisition of minority stakes from the state-owned mining company in the Democratic Republic of the Congo at undervalued prices.

Although Glencore, headquartered in Baar, does not admit to the OAG's findings, the company has decided not to appeal the penalty order in an effort to settle the issue.

A related investigation by Dutch authorities has reached its conclusion, with the case being dismissed in light of the findings from the Swiss investigation.

As of the latest trading session, Glencore's stock price on the OTC Markets stands at $4.91, reflecting a 5.57 percent decrease.