Glencore shares dive as African troubles escalate dramatically
The subpoena relates to its operations in Nigeria, DRC and Venezuela
London — Glencore tumbled the most in two years as its African troubles escalated dramatically, after US authorities demanded documents relating to possible corruption and money laundering. The world’s biggest commodity trader said on Tuesday that it has been subpoenaed by the US Department of Justice to produce documents on its compliance with the Foreign Corrupt Practices Act and US money laundering statutes. The documents relate to the company’s business in Nigeria, the Democratic Republic of Congo and Venezuela, from 2007 to the present. The shares plunged as much as 11%. It has been a tumultuous year for Glencore, mostly due to challenges linked to its business in the Congo, where it operates giant copper and cobalt mines. The Swiss commodities trader and miner is already facing the possibility of a bribery investigation by UK prosecutors over its work with Dan Gertler, an Israeli billionaire and close friend of Congo President Joseph Kabila, people familiar with the situation ...
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