Dec 5 (Reuters) – Britain’s Serious Fraud Office (SFO) has launched an investigation into Glencore concerning “suspicions of bribery,” the company said on Thursday.
Glencore, one of the world’s biggest commodity traders, is already subject to a U.S. Department of Justice enquiry in connection with corruption in Democratic Republic of Congo, Venezuela and Nigeria.
The SFO confirmed https://www.sfo.gov.uk/2019/12/05/sfo-confirms-investigation-into-suspected-bribery-at-glencore-group-of-companies it was investigating the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons, but said it could not comment further on a live investigation.
Glencore has said it will cooperate with the investigation.
The company’s shares dropped 6% to 223.9 pence following the announcement, pushing it to the bottom of London’s blue-chip index.
Over the course of this year, Glencore’s shares have fallen more than 20%, pressured by broader concerns about safety and sustainability in Democratic Republic of Congo.
CEO Ivan Glasenberg told investors earlier this week he expected to step down next year once a new management team is in place. (Reporting by Yadarisa Shabong in Bengaluru; Alistair Smout, Julia Payne and Barbara Lewis in London; Editing by Rashmi Aich and Jane Merriman)
NEWSFLASH: Mining and commodities giant Glencore is being probed by Britain’s Serious Fraud Office.
In a statement to the City, Glencore says:
Glencore has been notified today that the Serious Fraud Office (SFO) has opened an investigation into suspicions of bribery in the conduct of business of the Glencore group.
Glencore will co-operate with the SFO investigation.
The SFO also released a brief statement, confirming it is looking into “suspected bribery” at Glencore.
Following the announcement by Glencore PLC, the SFO confirms it is investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons.
As this is a live investigation we cannot comment further.
Shares in Glencore, which both produces raw materials and trades them around the globe, have promptly slumped by 6% in London.
Eighteen months ago, Bloomberg reported that the SFO was concerned about Glencore’s activities in the Democratic Republic of Congo, and its links to Israeli billionaire Dan Gertler.
The Serious Fraud Office has launched an investigation into Glencore over suspicions of bribery, sending its shares down more than 6pc.
The FTSE 100 miner said it would co-operate with the probe. The SFO said that it could comment further as it is a live process.
It comes after the company was served a subpoena for documents by the US Department of Justice last year relating to corruption and money laundering concerns.
Shares plunged 6.6pc to 222.55p.
Dec 5 (Reuters) – Global diversified miner Glencore Plc GLEN.L said on Thursday that Britain’s Serious Fraud Office (SFO) has launched an investigation into “suspicions of bribery” in the conduct of business at Glencore Group.
The SFO confirmed that it was investigating the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons.
Glencore said it will cooperate with the investigation.
The company’s shares dropped 6% to 223.9 pence, pushing it to the bottom of London’s bluechip index .FTSE.