Glencore faces bribery probe by fraud office investigation

Glasenberg’s Legacy Is Marred by So Many Corruption Probes

Glasenberg’s Legacy Is Marred by So Many Corruption Probes

Worldwide mining giant Glencore is under investigation from the UK Serious Fraud Office.

Britain's Serious Fraud Office (SFO) has launched an investigation into Glencore over suspicions of bribery, it said today, adding to the legal woes of one of the world's biggest commodity traders.

The SFO said on Thursday it had opened an investigaton into suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons in June.

Glencore, based in Baar, Switzerland, said it was cooperating with the investigation.

Glencore Australia operates multiple coal mines in the Bowen Basin including mines in Clermont, Collinsville, Glenden, Emerald and Middlemount.

"The scope of the SFO investigation, albeit with limited detail, appears to be wider (NB the DOJ also has criminal investigative powers) and potentially increases the overall penalty should Glencore be eventually found guilty or reach a settlement".

It said at the time that investigators at the SFO were planning to seek formal approval for a full probe into Glencore's dealings in Congo.

But investigators were said to be examining the firm's activities a year ago with Israeli billionaire Dan Gertler and former DRC president Joseph Kabila.

It has emerged just days after Ivan Glasenberg, the firm's billionaire chief executive, suggested he could leave the company sooner than expected.

The probes have raised questions about how commodities trading is conducted around the world, notably in Brazil, where Glencore is under investigation in connection with the country's massive "carwash" scandal.

Glencore said in July 2018 that it had received a subpoena from the U.S. Justice Department, demanding records relating to its compliance with American antibribery and money-laundering laws in the Democratic Republic of Congo, Nigeria and Venezuela.

Gertler was sanctioned by the United States in 2017 over allegations he used his friendship with former DRC President Joseph Kabila to secure sweetheart mining deals.

The company's shares have been on a volatile ride in recent years amid concerns about overleverage in 2015 and more recently a lengthening list of regulatory investigations.

Gertler and Glencore first invested together in a DRC mine in 2007 and also forged close partnerships on other projects.

Notícias recomendadas

  • World's first monkey-pig hybrids are born in Chinese lab

    World's first monkey-pig hybrids are born in Chinese lab

    But critics have warned that the scientific development will create "disturbing" dilemmas over the ethics of human-animal hybrids. Monkey stem cells were injected into five-day-old pig embryos before they were implanted into sows.
    Gladbach stun Bayern 2-1 with last-gasp penalty

    Gladbach stun Bayern 2-1 with last-gasp penalty

    The Spain global trudged off after being shown second a yellow card as Bensebaini showed nerves of steel to convert the penalty. The Algerian then struck his decisive stoppage-time penalty after Bayern's Javi Martinez was sent off for a second yellow card.
    US flu season arrives early, driven by an unexpected virus

    US flu season arrives early, driven by an unexpected virus

    Across the USA and in California, we now have an outbreak of acute lung disease associated with vaping. Sonia Angell, the state's public health officer and director of CDPH, said in a news release Friday.
  • Apex Legends' Pathfinder is getting a limited edition Star Wars skin

    Apex Legends' Pathfinder is getting a limited edition Star Wars skin

    Unique Player Level Gun Charms inspired by the new level badges can be earned by players at levels 100, 200, 300, 400 and 500. The notorious Peacekeeper is perhaps Apex Legends' most broken weapon, but a new patch nerfs it down a reasonable amount.
    Norvell agrees to leave Memphis, become Florida State head coach

    Norvell agrees to leave Memphis, become Florida State head coach

    Florida State has zeroed in on Memphis' Mike Norvell to be its next football coach, according to multiple reports . Norvell is 38-15 in four season at the helm of Memphis and has won three straight AAC West division championships.
    The Rise of Skywalker scene

    The Rise of Skywalker scene

    Back in November, an Imperial Star Destroyer appeared in the sky above the map and a Stormtrooper skin was added to the game. The poster, first revealed near the location on December 7, also states that JJ Abrams will somehow be involved.
  • WhatsApp Gets Call Waiting Feature on Android, but Without Call Holding

    WhatsApp Gets Call Waiting Feature on Android, but Without Call Holding

    WhatsApp is a pretty full-featured instant messaging platform, but it's not in WeChat's league when it comes to extra features. Recently, WhatsApp had also released the fingerprint lock function, which allows users to protect their chats from strangers.
    Trump appeals to Supreme Court on financial-records subpoena

    Trump appeals to Supreme Court on financial-records subpoena

    The court has a conservative majority of 5 to 4, which includes two Trump candidates: Neil Gorsuch and Brett Kavanaugh. Trump's lawyers say the primary goal is law enforcement, something they say is beyond Congress's legislative powers.
    OnePlus 8 Lite renders reveal punch hole display and rectangular camera bump

    OnePlus 8 Lite renders reveal punch hole display and rectangular camera bump

    The rear camera module is located on the top left, unlike the centered camera islands on the OnePlus 8 and OnePlus 8 Pro . Its design is similar to the Samsung Galaxy A91 and the leaked renders of the Galaxy S11 and Note 10 Lite.
  • Mourinho sleeps at training ground to conquer anger after United loss

    Mourinho sleeps at training ground to conquer anger after United loss

    So I think we have to look ahead to Bayern with all these things in mind". "It's not the defence, it's the defensive process". You have to be more than that. "You have to be raging, angry, not sad", said the 56-year-old.

    Amazon's 16-inch Apple MacBook Pro's are cheaper now than Black Friday

    If you are a 16-inch MacBook Pro user, are you experiencing this problem? FTC: we use revenue-earning auto affiliate links. Do not set up service, or replace the user's computer, as this is a software-related issue.
    What Time is Jermall Charlo v Dennis Hogan and HOW TO WATCH

    What Time is Jermall Charlo v Dennis Hogan and HOW TO WATCH

    The Kildare native challenges Jermall Charlo for his WBC world middleweight title in the Barclays Center on top of a solid bill. As for Golovkin, the 37-year-old received much more than he bargained for towards Sergiy Derevyanchenko in October.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.