FT’S LEX: Glencore response awaited in probe
Glencore’s core competence has always been to operate in dirty markets and come away clean-handed
To thine own self be true. The outlook for Glencore, the world’s largest trading and mining group, depends on how CE Ivan Glasenberg interprets that maxim. His feat in turning a secretive partnership into a London-listed multinational deserves credit. His follow-up must be to distance Glencore from questionable dealings in hot countries of the kind that have triggered a probe by the US Department of Justice (DoJ). His ruthless scrutiny of the business in the cause of shareholder value may eventually extend to his position at the top of it. Do not be deceived by brokerage reports downplaying the investigation. Glencore’s core competence has always been to operate in dirty markets and come away clean-handed. It may be losing its touch: on Tuesday the group received a subpoena for documents from the DoJ. The request, under the Foreign Corrupt Practices Act and US money laundering statutes, relates to businesses in Nigeria, the Democratic Republic of Congo (DRC) and Venezuela. The probe...