Barrick Gold unit is accused of bribery in Tanzania

Barrick Gold's (ABX +1.5%) African Barrick (ABGLF) unit is accused of bribery over cash payments to Tanzanian government officials as part of a process to buy land near its North Mara gold mine, WSJ reports.

An anonymous person says the payments were bribes to officials; ABX and its unit say the payments were not bribes and were legitimate payments for expenses and allowances tied to an agreement with the Tanzanian government.

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Comments (4)
  • gmmpa
    , contributor
    Comments (674) | Send Message
    Give me a break! Bribery is the cost of business in banana republics. Everyone knows that. Give me news that is relevant.
    19 Jun 2014, 10:23 AM Reply Like
  • jpbald
    , contributor
    Comments (37) | Send Message
    I have to go along with gmmpa on this one, standard business practices in that part of the world.
    19 Jun 2014, 10:39 AM Reply Like
  • robin steel
    , contributor
    Comments (153) | Send Message
    He who has the gold makes the rules...even a Tanzanian can figure out that their gold is worth more than Barrick will ever pay "legitimately"...Africa is the new frontier, and they learned a lot from the "white man" Mark Twain's "The Gilded age" for a little insight into how things work on the frontier...
    19 Jun 2014, 11:12 AM Reply Like
  • ManAboutMine
    , contributor
    Comments (2) | Send Message
    Nothing new here. Barrick talks about safety, honesty and ethics as long as they don't get in the way of business... they get caught.
    19 Jun 2014, 11:58 AM Reply Like
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