1/14, 2:38 PM (Source: TeleTrader)
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Glencore loaned $1B to firms involved in Congo corrupt deals - report

European mining giant Glencore PLC gave approximately $1 billion in loans and advances to businesses allegedly linked to companies working with Dan Gertler, Israeli businessman accused of conducting corrupt deals with the government of the Democratic Republic of Congo, the Wall Street Journal reported on Monday, citing documents related to the matter. Glencore's loans first started in 2007 and were made over a period of 10 years, the report said.

The United States Department of Justice subpoenaed the mining giant earlier this year, requesting files on its operations in Nigeria, DR Congo, and Venezuela containing data from as far back as 2007. The subpoena cited the Foreign Corrupt Practices Act and money laundering statutes. The amount of money loaned to the businesses related to Gertler put his Congo partnership with Glencore in focus by the US and Canadian authorities again.

Earlier, Glencore disclosed the details of its purchases of two mines in DR Congo from Gertler. The mines Mutanda Mining Sarl and Katanga Mining Ltd. are some of the world's largest cobalt producers.

Breaking the News / SS