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Glencore dives after Serious Fraud Office begins bribery probe

The UK SFO probe follows investigations by the US Commodity Futures Trading Commission and US Department of Justice

Glencore PLC -

Glencore PLC (LON:GLEN) shares dropped sharply to a three-year low after the commodities giant confirmed it was being investigated over bribery claims.

The Serious Fraud Office (SFO) told the FTSE 100 group on Thursday that it is investigating “suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons”.

In April this year, Swiss-headquartered Glencore came under investigation by the US Commodity Futures Trading Commission (CFTC), adding to an ongoing investigation by the US Department of Justice (DOJ).

The DoJ issued the company with a subpoena last year for documents and records on compliance with the US Foreign Corrupt Practices Act and money laundering statutes.

The investigation was reportedly focused on the role of intermediaries and how they helped Glencore obtain contracts, including in oil trading,.

The CFTC investigation has looked into whether Glencore may have violated certain regulations through “corrupt practices”.

Glencore share dived 8% to 219.45p, their lowest in around three years.

Quick facts: Glencore PLC

Price: 170.52 GBX

LSE:GLEN
Market: LSE
Market Cap: £22.72 billion
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