https://www.miningweekly.com

Glencore sets up committee to respond to US subpoena

Glencore chairperson Tony Hayward

Glencore chairperson Tony Hayward

11th July 2018

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Diversified miner and commodity trader Glencore has established a board committee to oversee the London- and Johannesburg-listed company’s response to US authorities’ demand for documents relating to possible corruption and money laundering.

The committee comprises chairperson Tony Hayward, independent nonexecutive director Leonhard Fischer and independent nonexecutive director Patrice Merrin.

"Glencore takes ethics and compliance seriously throughout the group,” Hayward said on Wednesday, adding that the company would cooperate with the US Department of Justice (DoJ).

Last week, a Glencore subsidiary received a subpoena from the DoJ to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and US money laundering statutes. The requested documents relate to the Glencore group's business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present.

The US subpoena sent Glencore’s shares tumbling the most in two years, dropping 8% on the LSE on July 3. The group moved to restore confidence with its July 5 announcement of a $1-billion share buyback, which analyst welcomed.

On Tuesday, the company’s stock fell 4.5% to £3.12 apiece on the LSE. Before the July 3 announcement of the US subpoena, Glencore traded at £3.49 a share.

The company’s share price fell 4.7% on the JSE to R55.51 a share.

Edited by Creamer Media Reporter

Comments

Latest News

Resources Watch
Resources Watch
27th March 2024

Showroom

Rio-Carb
Rio-Carb

Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...

VISIT SHOWROOM 
Stewarts & Lloyds
Stewarts & Lloyds

Stewarts & Lloyds today supplies steel and tube, pipe and fittings, valves, pumps, irrigation, fencing, profiling and roofing products. The cash...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.11 0.143s - 90pq - 2rq
Subscribe Now