- 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.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
A subsidiary of MetLife will pay more than $178,000 for violating U.S. sanctions on Iran when it provided insurance policies to entities in the United Arab Emirates owned or controlled by Iran.
