Glencore Drops After U.S. Orders Documents in Corruption Probe
Source: Bloomberg News
The world’s biggest commodity trader said Tuesday that it’s been subpoenaed by the U.S. Department of Justice to hand over documents related to the Foreign Corrupt Practices Act and U.S 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 13 percent before paring some of the losses, wiping up to 6.7 billion pounds ($8.8 billion) off Glencore’s market value, more than half the $14.8 billion of profit the company made last year.
It’s 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 trader and miner is already facing the possibility of a bribery investigation by U.K. prosecutors over its work with Dan Gertler, an Israeli billionaire and close friend of Congo President Joseph Kabila, people familiar with the situation said in May.
Read more: https://www.bloomberg.com/news/articles/2018-07-03/glencore-gets-subpoena-from-u-s-regarding-money-laundering
Glencore, the same the trading company that is linked to Carter Page, and the Rosneft deal to sell a 19% stake of Russian oil company that was part of the Steele dossier
http://www.businessinsider.com/carter-page-congressional-testimony-transcript-steele-dossier-2017-11
https://washingtonmonthly.com/2018/03/30/revisiting-carter-page-and-the-rosneft-deal/
Some people suggested that the stock sale allowed Russia access to much needed money and then they were able to arrange to buy back the stock later
http://money.cnn.com/2016/12/08/investing/russia-rosneft-qatar-glencore/index.html
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