GLENCORE sought to quell political fallout in South Africa stemming from findings delivered by anti-fraud organisations last week, saying today the country’s president Cyril Ramaphosa had no connection to company corruption in its African businesses.
Glencore pleaded guilty to findings in three investigations including the US Department of Justice (DoJ) regarding bribery and market manipulation. It agreed to pay $1.06bn in fines and has set aside a total of $1.5bn to account for additional investigation sanctions.
However, politicians and media reports have questioned whether the corruption extended to Glencore’s South African businesses including its coal division that once owned Optimum Coal Mine implicated in South Africa’s independently produced State Capture Report.
Ramaphosa was in partnership with Glencore whilst a director of Shanduka Group, a diversified industrial company with significant coal mining interests including a stake in Optimum Coal and its associated mine, Koornfontein.
In addition, a letter written by Bantu Holomisa, a
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