Thursday , May 6 2021

Canadian fines for the Glencore mining unit in Congo risks, WSJ reports

Glancore's Katanga Mining business group has agreed to pay more than $ 22 million to Canada's largest stock market regulator despite claims that the company has slowed business risks in the Democratic Republic of Congo, According to the Wall Street Journal, who mentioned a person familiar with the matter.

The Ontario Securities Commission claimed that Katanga threatened business risks with Israeli businessman Dan Gertler, who has close ties with the outgoing Congolese President Joseph Kabila. Gertler first invested in the mining department alongside Glencore about 10 years ago.

The Commission is expected to argue that the Congolese President had no proper internal financial control, which tried to exaggerate its copper production while reducing the cost of mining. As a result, movements may have met the performance of miners by the Journal, which was the first story story. The resolution is likely to be announced this week, it was said.

The company refused to comment.

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