Glencore mired in more scandal as three execs quit board of Katanga Mining
London — Two weeks after the Paradise Papers leak brought a wave of scrutiny over Glencore’s dealings in the Democratic Republic of Congo, the company is facing another scandal. The issues stem from Katanga Mining, a Congolese copper producer owned by Glencore. The African company restated financial statements and is under investigation by Canadian regulators for its corporate governance and accounting practices. In a major sign of how toxic the problem has become for the Swiss commodities giant, three executives including billionaire Aristotelis Mistakidis resigned from the board of Katanga. Mistakidis is a key part of Glencore. Among management, he’s the third-biggest shareholder and longtime lieutenant to CEO Ivan Glasenberg. He helped lead the company’s ascent from a scrappy trader to a commodities giant and world’s third-biggest copper miner. While Katanga is financially a small part of Glencore’s overall business, it faces an ongoing headache over the past relationship with co...
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