The Strategist

Glencore placed under investigation in the US

04/26/2019 - 16:14

Activities of the Swiss commodity trader Glencore became the subject of investigation by the American regulator of commodity markets.

Glencore placed under investigation in the US
"Glencore was informed by the US Commodity Futures Trading Commission (CFTC) that the CFTC is investigating whether Glencore and its subsidiaries violated certain rules of the Commodity Exchanges Act and/or CFTC regulation through corrupt practices related to commodity trading" Glencore said in a statement.

The investigation is at an early stage, its scale is comparable to an investigation, which was previously initiated against the US Department of Justice, the report said. Glencore promised to cooperate with the CFTC.

The investigation of the U.S. Department of Justice, which mentions Glencore, was revealed in July last year. The company then announced that its division had received a request from the Ministry of Justice for documents to verify compliance of operations in Nigeria, DR Congo and Venezuela with the Foreign Corrupt Practices Act and US money laundering provisions.

The Department of Justice has requested documents on operations in these countries since 2007. Information about the investigation caused the collapse of Glencore shares, which at the peak exceeded 10%.


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