Stock Spotlight: Glencore share price shrugs off 'neo-colonial' corruption case

$180m fine

News last week that Glencore will be paying the Democratic Republic of Congo $180m in fines over corruption claims were the latest in a string of scandals for the Swiss mining company, despite strong share performance in recent months.

Andrew Harper, head of ethics at Epworth Investment Management, described the Congo corruption case as a "heinous activity that degrades the rule of law". "Activities such as those found in Glencore's recent bribery admission are nothing short of neo-colonial, which prioritise profits over the lives of the poor and wellbeing of our planet," he added. When contacted for comment, a spokesperson for Glencore pointed to a statement from chair Kalidas Madhavpeddi, which said the firm had "actively promoted its Ethics and Compliance Programme in the DRC in recent years". The statement ad...