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Glencore investigates bribery allegations linked to DRC partner


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Glencore investigates bribery allegations linked to DRC partner

Glencore Plc is looking into the allegations implicating its key business partner in the Mutanda copper-cobalt mine, Israeli billionaire Dan Gertler, in the bribing of government officials in the Democratic Republic of the Congo, Bloomberg News reported Sept. 30.

Some of Gertler’s projects in the DRC were funded by Och-Ziff Capital Management Group LLC, which settled, on Sept. 29 for US$400 million, a U.S. investigation into bribery violations in Africa. Och-Ziff’s partner in the country paid government officials US$100 million in bribes over a 10-year period to win access to mining assets.

Glencore has not been accused of any wrongdoing. Gertler has also not been charged with any crime and disputes the allegations.

Gertler's Fleurette Properties Ltd. holds a 31% interest in Mutanda, while Glencore owns the majority 69% interest in the project.