Peter Jones, Campaign Leader at Global
Witness, said today:
“We welcome the news that Glencore is under investigation by the US commodities regulator, the Commodity Futures Trading Commission (CFTC), for possible corrupt practices.
With the company already under investigation by the US Department of Justice, as well as the recent ruling against a Glencore subsidiary by Canadian regulators, this latest announcement further demonstrates that the heat is on for Glencore and its executives.
The CFTC investigation is another promising step towards holding Glencore to account for its suspect dealings and showing that this corporate behemoth is not above the law. At Global Witness, we have exposed the company’s murky mining transactions in Democratic Republic of Congo (DRC) with sanctioned businessman Dan Gertler, a close friend of the former Congolese president, Joseph Kabila. These deals have potentially robbed the Congolese people of billions of dollars.
We now also want to see the UK’s Serious Fraud Office open an official inquiry into the company’s activities in DRC, given that Glencore is one of the biggest companies listed on the London Stock Exchange.”
/ ENDS
Contacts
Notes to editor:
Glencore said it would cooperate with the CFTC investigation.
You might also like
-
Press release Global Witness welcomes Canadian regulator ruling on Glencore-controlled company and executives
The Glencore-controlled mining company Katanga Mining has today agreed to pay USD $22 million to settle allegations by Canadian regulators that it had failed to comply with disclosure requirements, including that it had not properly described risks of doing business with a controversial middleman in Democratic Republic of Congo (DRC).
-
Blog post A bad year for Glencore
The US Department of Justice has issued a subpoena to commodities giant Glencore's subsidiary Glencore Limited, relating to US overseas corruption laws. This is the latest storm in what has been a tempestuous year for Glencore. we outline the main stories over the last 12 months that have helped make this Glencore's ‘annus horribilis’
-
Report Glencore and the Gatekeeper
Glencore, the world’s largest commodities trader, enriched a friend of the Democratic Republic of Congo’s president by tens of millions of dollars and protected his interests as it gained control of one of Africa’s biggest copper miners.