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Glencore shares fall on another corruption probe

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The US Commodity Futures Trading Commission is investigating the company and its subsidiaries

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland. Picture: Reuters/Arnd Wiegmann

Glencore said it understands that the commission’s investigations are at an early stage and have a similar scope in terms of subject matter as the current investigation by the US justice department. Under the Foreign Corrupt Practices Act and US money laundering statutes, Glencore was ordered to hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela, dating back to 2007.

 

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Business Maverick: Glencore Faces New Corruption Investigation With CFTC ProbeGlencore Plc said it’s under investigation by the U.S. Commodity Futures Trading Commission for possible corrupt practices, the latest legal headache for the world’s biggest commodity trader.
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