Glencore acquired its initial 30% stake in the mine in June 2007 from
Groupe Bazano.
Secret sales of state assets By 2011, Glencore operated the mine and had a 40% stake through a 50% holding in
Samref Congo Sprl, which in turn held 80% of Mutanda, with the state-owned
Gécamines holding the other 20%. In 2011, Gécamines sold its shares to Rowny Assets Limited, a company associated with Israeli billionaire
Dan Gertler. In 2017, Glencore paid $534 million to buy a 31% stake in Mutanda from Dan Gertler's Fleurette group. This deal valued the 31% stake at $922 million, since it also involved the settlement of several hundred million dollars of loans Fleurrette owed to Glencore. Glencore now claims 100% ownership of the Mutanda mine.
Lawsuits In 2017, a Swiss watchdog organisation
Public Eye filed a criminal complaint against Glencore following revelations in the
Paradise Papers indicating that Glencore had loaned $45 million in shares to billionaire Dan Gertler in exchange for help securing an agreement with Gecamines to acquire Mutanda mine. In 2018, a Congolese-American businessman Charles Brown filed a lawsuit in Congolese court, claiming that he sold a 19.12% stake in Mutanda to Groupe Bazano under threat of violence on May 9, 2012. Glencore purchased Groupe Bazano's share in the mine two weeks later on May 22. Glencore denied this, saying Brown's stake was sold in 2004 and 2005. In May 2022, Glencore admitted to bribing government officials in several African countries including the DRC to secure "improper business advantages". In December, 2022 the company agreed to pay $180 million to the DRC to settle "all present and future claims arising from any alleged acts of corruption" during the period from 2007 to 2018. ==References==