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Michael J. Kavanagh, Bloomberg News BC-UK-Fraud-Unit-Finds-Bribe-Network-Behind-World’s-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 Africa’s biggest producer of copper and supplies about 70% of the world’s 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 Congo’s total spending on health care last year. According to the World Bank, about one of every six people living in extreme poverty

Bruxelles capitaleElisabeth caesensJoseph kabilaTribunale penale federaleDan gertlerSerco group plcUk serious fraud officeWorld bankSwitzerland federal criminal courtDemocratic republicSaharan africaWestern europeFederal criminal courtFraud officePresident joseph kabilaResource matters