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Michael J. Kavanagh, Bloomberg News BC-UK-Fraud-Unit-Finds-Bribe-Network-Behind-Worldâs-Cobalt-Hub , Bloomberg
(Bloomberg) U.K. prosecutors have told Swiss authorities they have proof of an alleged money-laundering ring spanning from Africa to Europe that paid almost $380 million in cash bribes to authorities in the Democratic Republic of Congo.
Companies repeatedly bribed officials to further their business interests in the mineral-rich nation, according to the Swiss court judgment that cited information from U.K. prosecutors. Congo is Africaâs biggest producer of copper and supplies about 70% of the worldâs cobalt, a critical input for the batteries that power electric vehicles.
The $379 million that was allegedly siphoned off in bribes over a five-year period is more than Congoâs total spending on health care last year. According to the World Bank, about one of every six people living in extreme poverty