Glencore's Money Laundering Investigation Raises Legal Risk; FVE Unchanged at GBX 250
No-moat-rated Glencore received a subpoena from the U.S. Department of Justice on July 2 requesting documents relating to compliance with the Foreign Corrupt Practices Act and U.S. money laundering statutes. The investigation relates to Glencore's operations in Nigeria, the Democratic Republic of Congo, or DRC, and Venezuela from 2007 onwards. Following the announcement, the company's share price tumbled 8%, wiping USD 5 billion off the market capitalisation of the company. At this early stage, ...Glencore is engaged as a natural resource companies. Co. is organized and operates on a worldwide basis in three main business segments: Metals and minerals, which comprised of zinc, copper, lead, alumina, aluminium, ferroalloys, nickel, cobalt and iron ore; Energy products, which comprised of crude oil, oil products, steam coal and metallurgical coal; and Agricultural products, which comprised of wheat, corn, canola, barley, rice, oil seeds, meals, edible oils, biofuels, cotton and sugar supported by investments in storage, handling, processing and port facilities.
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