The Ontario Securities Commission is investigating
Glencore Plc over US$100 million paid by its
Katanga Mining Ltd. (
TSX. T.KAT,
Forum) unit to a company owned by an Israeli businessman. The businessman has been accused of bribing officials in the Democratic Republic of Congo.
According to a Wall Street Journal report, which is noted in today's Scotiabank commodities update, DRC-state owned Gecamines SARL was to receive these payments, but instead the amount went to a Cayman Island incorporated entity owned by Dan Gertler.
Glencore is a Swiss commodities trading giant.
The Swiss company has confirmed that the shift in payments was done at Gecamines’s request, according to the Wall Street Journal report.
On July 26, 2017, Katanga reported its 2017 second quarter production results and the date for release of its second quarter financial results.
More information can be found
here.