Mining giant Glencore faces US corruption probe

Swiss commodities mining and trading giant Glencore has been subpoenaed by the United States Department of Justice (DoJ) in relation to its activities in Nigeria, the Democratic Republic of Congo (DRC) and Venezuela. A statement from the Baar-based company said the DoJ has demanded “documents and other records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes.” The period covered by the subpoena is 2007 to the present time. Last month, Glencore announced it was settling a legal dispute in the DRC involving Israeli billionaire Dan Gertler. The controversial businessman and his companies have been subject to US sanctions since being named as ‘Specially Designated Nationals’ (SDNs). However, Glencore stated on June 15 that it would have to pay mining royalties to one of Gertler’s companies, Ventora, for fear of severe disruption to its operations in the African country. “Glencore believes that payment in non-US dollars ...

 
More Headlines

Follow worldbiztoday on Twitter

US Stocks