Glencore: forms special committee for US investigation
(CercleFinance.com) - Glencore is clearly taking the investigation by the US Department of Justice, as announced on 3 July, very seriously.
The commodities giant, which is based in Baar, Switzerland, has set up a special committee for the matter on its board of directors.
The members of this committee include the company's Board Chairman, Tony Hayward, who is flanked by two independent directors, Messrs. Leonhard Fischer and Patrice Merrin.
Glencore states that it will fully cooperate with the Federal Department of Justice, which has requested that it provide documents on its activities in the Democratic Republic of Congo, Nigeria and Venezuela since 2007. The case concerns suspicions of infringement of US laws regarding corruption and money laundering.
The Glencore share is down over 4% this morning on the London Stock Exchange: it has lost around 20% of its value in the past month.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The commodities giant, which is based in Baar, Switzerland, has set up a special committee for the matter on its board of directors.
The members of this committee include the company's Board Chairman, Tony Hayward, who is flanked by two independent directors, Messrs. Leonhard Fischer and Patrice Merrin.
Glencore states that it will fully cooperate with the Federal Department of Justice, which has requested that it provide documents on its activities in the Democratic Republic of Congo, Nigeria and Venezuela since 2007. The case concerns suspicions of infringement of US laws regarding corruption and money laundering.
The Glencore share is down over 4% this morning on the London Stock Exchange: it has lost around 20% of its value in the past month.
Copyright (c) 2018 CercleFinance.com. All rights reserved.