Glencore offers its financial officer to Katanga to help with finance controls
Glencore, a global mining and resources trading company, has offered the services of its chief financial officer to join independent directors at its Katanga Mining subsidiary. This would be to bolster financial controls, after a review found breaches leading to restatements of financial accounts. Katanga, which is listed in Canada and operates in the Democratic Republic of Congo, is now under scrutiny by the Ontario Securities Commission, which is investigating whether it had issued disclosures that misled the market and whether its risk disclosures met with "applicable requirements under certain international bribery, government payment and anticorruption laws". Glencore, which owns close to 86% of Katanga, has nominated three independent directors to replace the departure of three independent directors from the Katanga board. The new executive directors include Glencore’s own chief financial officer Steven Kalmin to upgrade Katanga’s corporate governance, compliance and control p...
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