04:22:14 EDT Sat 27 Apr 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,755,467,937
Close 2023-09-13 C$ 21.83
Market Cap C$ 38,321,865,065
Recent Sedar Documents

Globe says Barrick unit Acacia paid bribes in Tanzania

2023-09-14 08:18 ET - In the News

The Globe and Mail reports in its Thursday edition that Barrick's former subsidiary in Africa was paying as much as $1.2-million (U.S.) annually to a powerful group of Tanzanian government officials as recently as 2015, triggering internal concerns that the payments were violating its anti-corruption policies, company e-mails and memos show. The Globe's Geoffrey York writes that the subsidiary, U.K.-based Acacia Mining, was making the payments to dozens of Tanzanian civil servants on a national law-enforcement task force, known as the NTF, which reports directly to Tanzania's President. The payments were in addition to Acacia's regular funding of Tanzania's civilian police for security around its gold mines. The e-mails and memos, obtained by The Globe after they were cited in a legal case currently under way in the High Court of Justice in London, show that Acacia executives were worried about the company's risk exposure. One internal memo cautioned that the task force was a powerful body and any changes to the payments should be carefully managed "for political as well as operational reasons." Acacia's payments, which began in 2008, were funnelled to as many as 60 officials on the task force by 2015, the e-mails say.

© 2024 Canjex Publishing Ltd. All rights reserved.