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Glencore faces US investigation over alleged money laundering Glencore hit with US subpoena over alleged money laundering
(about 2 hours later)
Glencore, the world’s biggest mining company, is under investigation by US authorities for alleged money laundering. Glencore, the world’s biggest mining company, faces a potential investigation by US authorities for alleged money laundering, after being ordered to hand over documents to the US Department of Justice.
Shares in the Anglo-Swiss firm fell more than 11% in London, wiping more than £5bn off its market value, after it revealed it had been ordered to hand over documents to the US Department of Justice. Shares in the Anglo-Swiss firm fell more than 11% in London, wiping more than £5bn off its market value.
The subpoena relates to compliance with the Foreign Corrupt Practices Act and US money laundering laws, Glencore said.The subpoena relates to compliance with the Foreign Corrupt Practices Act and US money laundering laws, Glencore said.
The investigation is centred on business dealings in Nigeria, the Democratic Republic of Congo and Venezuela, and date from 2007 to present.The investigation is centred on business dealings in Nigeria, the Democratic Republic of Congo and Venezuela, and date from 2007 to present.
“Glencore is reviewing the subpoena and will provide further information in due course as appropriate,” the company said in a brief statement.“Glencore is reviewing the subpoena and will provide further information in due course as appropriate,” the company said in a brief statement.
The company has copper and cobalt operations in Congo, and trades with Nigeria and Venezuela. It accounts for more than a quarter of the world’s cobalt output, most of it from Congo. The company has copper and cobalt operations in Congo, and trades with Nigeria and Venezuela. It accounts for more than a quarter of the world’s cobalt output, most of it from Congo. Cobalt is used in batteries for electric vehicles and mobile phones.
The Paradise Papers revealed last year that Glencore secretly loaned tens of millions of dollars to an Israeli billionaire, Dan Gertler, after it enlisted him to secure a controversial mining agreement in the Democratic Republic of the Congo.The Paradise Papers revealed last year that Glencore secretly loaned tens of millions of dollars to an Israeli billionaire, Dan Gertler, after it enlisted him to secure a controversial mining agreement in the Democratic Republic of the Congo.
A human rights watchdog, Public Eye, filed a criminal complaint against Glencore in Switzerland, where the company is based, following the revelations.
US sanctions on Gertler, Glencore’s former Israeli partner, triggered litigation in Congo that threatened to disrupt supplies of cobalt from the world’s biggest producer of the metal.US sanctions on Gertler, Glencore’s former Israeli partner, triggered litigation in Congo that threatened to disrupt supplies of cobalt from the world’s biggest producer of the metal.
Glencore recently settled a mining dispute with two companies associated with Gertler by agreeing to pay royalties. It also reached a settlement in another dispute involving its Kamoto copper and cobalt mine in the country, but remains at odds with the Congolese government over a new mining code. Glencore recently settled a mining dispute with two companies associated with Gertler by agreeing to pay royalties in euros rather than dollars.
The group also reached a settlement in another dispute involving its Kamoto copper and cobalt mine in the country, but remains at odds with the Congolese government over a new mining code.
Peter Jones, campaign leader at the NGO Global Witness, said: “It is vital that any wrongdoing is brought to light and that those responsible are held to account. It looks like full scrutiny may finally be focused on Glencore’s dealings.”
Glencore and Gertler have consistently denied any wrongdoing in their business deals.Glencore and Gertler have consistently denied any wrongdoing in their business deals.
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