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US Demands Glencore Documents to Check on Corruption

US Demands Glencore Documents to Check on Corruption Photo: WDIO/MGN

Created: July 03, 2018 10:32 AM

GENEVA (AP) - Shares in commodities giant Glencore have plunged after the company was ordered to hand over documents and records to the U.S. Department of Justice for its compliance with corruption and money laundering rules.

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The company, which is based in Baar, Switzerland, said Tuesday the requested documents relate to its business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 onwards. It said it is reviewing the subpoena.

Shares in the company, which sources and trades raw materials like metals and grains, dropped about 10 percent in London, where they are listed.

In Congo, Glencore operates mines for copper and cobalt, a key material for the production of mobile phone batteries. In Nigeria and Venezuela, it produces oil and coal.

Copyright 2018 The Associated Press. All rights reserved.

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