UK Fraud Office probes Glencore for bribery.

Dec 06, 2019

The world’s largest commodities trader, Glencore Plc is being investigated for bribery by the UK Serious Fraud Office.

The new probe comes as the company is already under investigation by the US Department of Justice regarding potential money laundering in the Democratic Republic of Congo, Nigeria, and Venezuela.

Glencore confirmed the latest probe in a statement Thursday.

The company said in a statement that it intends to cooperate with the investigation, but a spokesperson declined to provide any additional comments.

Shares of Glencore fell as much as 7% on the news. The UK’s fraud investigator also confirmed the probe in a separate statement.

“The Serious Fraud Office is investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons,” the department confirmed on Thursday. It said it was not ready to give additional information.

“As this is a live investigation we cannot comment further”, the SFO said on its website.

Shares of Glencore are down almost 24% year-to-date

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