Business

UK anti-fraud agency investigating commodities firm Glencore

Posted December 05, 2019 6:00 am

The Associated Press

GENEVA (AP) - 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 'œGlencore group'ť and its 'œofficials, employees, agents and associated persons.'ť

Glencore, based in Baar, Switzerland, said it was cooperating 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 'œcorrupt practices in connection with commodities.'ť

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

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