Global Witness
The world’s top two commodity traders Vitol and Glencore used middlemen notorious for their role in Brazil’s mammoth ‘Car Wash’ bribery scandal, Global Witness investigation with Switzerland’s Public Eye reveals.
Reaction to SFO announcement of investigation into Glencore
Oil-backed loans are high-risk from a financial, sovereignty and corruption perspective. Transparency can help mitigate these risks, and is crucial for the responsible and accountable management of natural resources.
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’
Les revenues provenant de l’exploitation des ressources naturelles peuvent potentiellement réduire la pauvreté et améliorer la vie de millions de personnes. Trop souvent, la corruption et la mauvaise gouvernance détournent des sommes d’argent importantes des personnes à qui elles appartiennent : les citoyens des pays riches en ressources naturelles.
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.
Three AGMs as a public company and three times Global Witness has publicly asked Glencore’s board to commission an independent investigation into its Congo deals.
Voici le déroulé, sur 12 mois, des faits marquant ayant contribué à « l'annus horribilis » de Glencore
The Paradise Papers have revealed damning details of Glencore’s business deals in the Democratic Republic of Congo, where it owns two huge copper and cobalt mines.
Three AGMs as a public company and three times Global Witness has publicly asked Glencore’s board to commission an independent investigation into its Congo deals. Glencore’s Chairman Tony Hayward was unequivocal in his response today: “there is absolutely no basis for any investigation and we have no intention of carrying one out”.
Mining giant Glencore settled two legal disputes threatening its assets in Democratic Republic of Congo, but these agreements raise fears that the company is willing to take significant risks and pay any price to safeguard its lucrative copper and cobalt mines.
Further information about Global Witness's investigation into Glencore’s investments in Congo and the company’s links to Dan Gertler, as well as written responses by Glencore and Mr Gertler’s representatives to questions from Global Witness can be found at www.globalwitness.org/secretsales
Le géant minier Glencore a réglé deux contentieux juridiques qui menaçaient ses actifs en République démocratique du Congo, mais ces accords révèlent que l'entreprise est hélas prête à prendre de gros risques pour conserver ses mines lucratives de cuivre et de cobalt, quel que soit le prix à payer.
Secrecy surrounding Glencore’s business deals in DRC risks exposing shareholders to corrupt practices. Click the link below to read the memo.