Canadian Manufacturing

U.K. anti-fraud agency investigating commodities firm Glencore

Glencore, based in Baar, Switzerland, said it was co-operating with the investigation

December 5, 2019  by The Associated Press

GENEVA—Commodities company Glencore says it’s facing an investigation by the British government’s fraud investigator amid suspicions of bribery.

The company and Britain’s Serious Fraud Office confirmed the investigation in two-line statements. The fraud office said Thursday it involved the “Glencore group” and its “officials, employees, agents and associated persons.”

Glencore, based in Baar, Switzerland, said it was co-operating with the investigation. Shares in the company dropped over 7%.

In April, the U.S. Commodity Futures Trading Commission informed the company that it was investigating whether Glencore and its subsidiaries may have violated U.S. law or regulations through “corrupt practices in connection with commodities.”

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Last year, Brazilian prosecutors announced an investigation into Glencore and fellow trading companies Trafigura and Vitol over suspicions of paying over US$30 million in bribes to employees of state-owned oil company Petrobras.