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More than ten percent of the stock price of the giant commodities Glencore temporarily fell last week. The reason: The fear of possible corruption investigations in the United States makes investors nervous. A few days ago, Glencore announced that the US Department of Justice had requested documents from the largest Swiss company as part of a corruption investigation.
The Glencore Mines in the Democratic Republic of Congo and the Joseph Kabila Government. The details of this relationship can be found in a confidential agreement signed with a Glencore affiliate now available for the newspaper.
The document shows that Glencore's daughter has paid $ 6 million each year since January 1, 2013. The money went to a business run by a man named Pieter D. In return, the D.'s business was to provide services – specifically, to take care of "maintaining the relationship" on behalf of Glencore. Among other things, those on the "presidency".
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In addition, the company also holds contacts with the Prime Minister, the Minister of Mines, the courts and other key political entities in the Congo . In addition, D.'s company also had to undertake a series of administrative activities for Glencore's mining projects, for example, to request tax breaks or to manage customs and visa purchases. According to the insiders, this contract was valid until February 2017. Then Glencore dissolves it.
The benevolence of the president can be crucial for mining companies in Congo. In many cases, it is Joseph Kabila who has the last word on who gets the licenses for promoting the nation 's $ 1 billion mineral wealth. It is therefore not surprising that Glencore is investing millions in "maintaining the relationship" with the Kabila State through an outside firm. But all this has a catch.
Against Pieter D. there are allegations of corruption. Because the manager is the right hand of Israeli financier Dan Gertler in Congo. Gertler and Pieter D. are both on the US sanctions list today. At the center of the allegations is just the link with Kabila.
According to the US Treasury Department, Gertler used his close friendship with Joseph Kabila for his business. We are talking about "mining mines and corrupt oil agreements". Dan Gertler denies having ever acted unlawfully. Pieter D. himself did not respond to requests.
Basel law professor Mark Pieth examined the contract and sees many alarm signals. "The range of services offered is too broad and proximity to the government is simply suspicious," says Pieth. "This contract would not pass a normal bribe test by a professional compliance department."
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Brisant is the contract because it is now immediately after the action the United States. Ministry of Justice last week. According to the Wall Street Journal, US prosecutors are also investigating the relationship between Glencore and Dan Gertler.
Also in Switzerland, the non-governmental organization Public Eye filed a lawsuit against Glencore executives for doing business with Dan Gertler. According to the Bloomberg news agency, the British anti-corruption department is also preparing a lawsuit against the Swiss natural gas giant. Glencore himself did not want to comment on the subject. It was not until Friday that the company bought back $ 1 billion of its own stock, probably to signal confidence.
Gertler and Pieter D. were punished only in December last year. However, the contract of Glencore with the company Pieter D was concluded in 2013.
The address of the enterprise of D in the contract is the same as that of the company Gertler in Congo
But the fact is: the proximity of Pieter D. to Gertler has long been known. The address of D.'s company in the contract is the same as that of the company Gertler in Congo. Research has also shown that Glencore for years before Gertler and therefore his entourage as Pieter D. should have been warned.
Already in a 2001 UN report on "Illegal Exploitation of Congo's Resources," Secretary-General Kofi Annan described relations with Gertler's companies as a "nightmare" and a "Disaster" for the Congo.
Already seen in 2005
The influence of President Kabila was already apparent in 2005. At that time, the Congolese Parliament sounded the alarm because a consortium led by Gertler has obtained valuable mining licenses under a secret agreement without a call for tenders. The surcharge was only due to "personal contacts". In a report, Parliament demanded that Kabila not sign the agreement as a result of Kabila. Shortly after, he did it anyway. The Gertler and Glencore mine finally landed
. In May 2013, Tidjane Thiam, then head of the Prudential Insurance Company and Credit Suisse CEO, Tidjane Thiam, as well as other CEOs and Kofi Annan, announced in a study like the Congo. in just five transactions with offshore companies related to Gertler lost $ 1.3 billion. A few months later, Glencore concluded the contract with his confidant on the girl.
(Tages-Anzeiger)
Created: 08.07.2018, 22:01 Uhr
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