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

(RTTNews) - Glencore Plc (GLCNF.PK), Monday announced that the Office of the Attorney General of Switzerland has ordered the company to pay a fine of CHF 2 million, and a compensation claim of $150 million in a bribery investigation.

The announcement comes as the OAG found that Glencore failed to prevent bribery of a Congolese public official by a business partner in 2011, relating to his acquisition of minority stakes from the state-owned mining company in the Democratic Republic of the Congo for less than their value.

The Baar-based company stated that it does not admit the findings of the OAG. However, it has agreed not to appeal the penalty order to resolve the matter.

A parallel investigation by Dutch authorities has also been concluded, and the case was dismissed following the conclusion of investigation by the Swiss authorities.

Currently, Glencore's stock is trading at $4.91, down 5.57 percent on the OTC Markets.