FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017.  REUTERS/Arnd Wiegmann/File Photo
Glencore’s logo. The Swiss-based firm's reach is global. Reuters

Glencore tests US sanctions reach with Gertler deal



Glencore, the world’s biggest commodities trader, is testing the limits of US sanctions.

The company has moved to resume payments to its longtime partner in the Democratic Republic of Congo, Dan Gertler, without public approval from US authorities, as part of an effort to keep access to valuable mining assets. The deal came days after a $150 million settlement with Congo’s state-owned miner and debt restructuring of Glencore’s local subsidiary.

Glencore called the payments to Gertler “the only viable option to avoid the material risk of seizure” of its Mutanda Mining Sarl and Kamoto Copper Company assets in Congo. The mines are among the richest in copper and cobalt and a key part of Glencore’s strategy of profiting from the rise of battery materials to supply electric cars.

The payments to Gertler will be made in euros through a non-US financial institution, according to a statement on Friday. A spokesman said Glencore discussed the matter with US and Swiss authorities, but declined to confirm whether the US Treasury had given assurances that it will not pursue secondary sanctions.

Glencore appears to have extinguished the immediate threat to its assets in Congo, according to Tyler Broda, an analyst at RBC Capital Markets.

“Should there be any residual risks from paying this, in effect,‎ Glencore has managed to move the dispute from Congolese courts to U.S. courts,” he said in a report.

The company’s shares slipped 0.6 per cent to 396.10 pence as of 9:16 a.m. in London.

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Mr Gertler, the heir to a diamond fortune, has attracted scrutiny for his friendship with President Joseph Kabila and allegations of bribery in mining asset sales. He was sanctioned by the US in December.

Through his elite connections and appetite for risk, Mr Gertler built a sprawling portfolio of assets, including many of Congo’s most valuable mines and oil licenses. Though he’s exited many of those investments, he continues to fly to Kinshasa most weeks from his home in Tel Aviv.

The UK’s white-collar crime prosecutor is preparing to open a formal bribery investigation into Glencore’s dealing with Gertler in Congo, people familiar with the matter said last month.

Glencore was in a difficult position of whether to deal with Gertler. It is contractually obliged to pay him mining royalties. In April, Gertler won a court ruling in Congo to freeze assets worth almost $3 billion, leading to speculation that he could disrupt and even take over Glencore’s operations in the country.

Gertler will now receive about 25.6 million euros ($29.7 million) in royalties from its Mutanda mining operation this year. Royalties from the Kamoto project, also known as KCC, will not be owed until 2019 due to previous advance payments.

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

THE SPECS

Touareg Highline

Engine: 3.0-litre, V6

Transmission: 8-speed automatic

Power: 340hp

Torque: 450Nm

Price: Dh239,312

MATCH INFO

Barcelona v Real Madrid, 11pm UAE

Match is on BeIN Sports

The specs

Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September

COMPANY PROFILE

Name: Floward
Based: Riyadh, Saudi Arabia
Founders: Abdulaziz Al Loughani and Mohamed Al Arifi
Sector: E-commerce
Total funding: About $200 million
Investors: Aljazira Capital, Rainwater Partners, STV and Impact46
Number of employees: 1,200

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150+ employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

Results

6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m

Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)

6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m

Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor

7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m

Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer

7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m

Winner: Desert Fire, Hector Crouch, Saeed bin Suroor

8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m

Winner: Naval Crown, William Buick, Charlie Appleby

8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m

Winner: Al Tariq, Pat Dobbs, Doug Watsons

9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m

Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor

How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

Cricket World Cup League Two

Teams

Oman, UAE, Namibia

Al Amerat, Muscat

 

Results

Oman beat UAE by five wickets

UAE beat Namibia by eight runs

Namibia beat Oman by 52 runs

UAE beat Namibia by eight wickets

 

Fixtures

Saturday January 11 - UAE v Oman

Sunday January 12 – Oman v Namibia

A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 


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