The Strategist

Glencore shares crash after UK investigation report messages

12/06/2019 - 06:50

The UK Serious Fraud Office, SFO has announced that it has launched an investigation into one of the world's largest commodity traders.

Glencore shares crash after UK investigation report messages
The press service of the Swiss multinational corporation previously reported on the notification. The British agency confirmed the fact of the investigation, noting that it was an investigation into the suspicion of giving bribes “by the Glencore group of companies, its representatives, agents and associates,” without providing any other information.

Against the background of these messages, Glencore quotes at the London Stock Exchange fell 5% at the beginning of trading, closer to the close of the session, the decline intensified, exceeding 9%.

At the end of April 2019, Glencore, citing a statement by the U.S. Securities and Exchange Commission, announced the start of an investigation into the company for corruption.

In July 2018, the U.S. Department of Justice’s investigation into Glencore became known to the company in Venezuela, the Democratic Republic of the Congo, and Nigeria.

Glencore is one of the largest companies in the world engaged in the sale of various commodity assets, second only to the Swiss-Dutch company Vitol in terms of commodity trading.