Glencore is under criminal investigation for alleged corruption in Africa; shares plunged

The probe is related to alleged corruption in the Democratic Republic of Congo

Glencore reports that it has been informed by the Office of the Attorney General of Switzerland (OAG) that it has opened a criminal investigation into Glencore International AG for failure to have the organizational measures in place to prevent alleged corruption in the Democratic Republic of Congo currently under investigation by the OAG.

Glencore said that it will cooperate with the investigation by the OAG.

In December, the U.K.’s Serious Fraud Office announced that it was “investigating suspicions of bribery ‘in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons.’”

In July 2018, Glencore said it had “received a subpoena from U.S. authorities related to compliance with American corruption and money-laundering laws at its operations in Congo, Nigeria and Venezuela”.

Glencore is one of the world’s largest globally diversified natural resource companies and second largest copper producer. Founded in the 1970s as a trading company, Glencore has grown to become a major producer and marketer of commodities – employing 160,000 people around the world. Its operations comprise around 150 mining and metallurgical sites and oil production assets.

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