US subpoenas mining giant Glencore in corruption probe

Glencore, which is based in Switzerland, may also be facing a British fraud probe over its operations in the DR Congo. (AFP)
Updated 03 July 2018

US subpoenas mining giant Glencore in corruption probe

GENEVA: Mining giant Glencore said Tuesday that it has been subpoenaed by the US justice department as part of a corruption investigation linked to its business in Nigeria, Venezuela and the Democratic Republic of Congo.
Glencore “has received a subpoena dated 2 July, 2018 from the US Department of Justice to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes,” the company said in a statement.
“The requested documents relate to the Glencore Group’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present,” it added.
Glencore further said it was “reviewing the subpoena and will provide further information in due course as appropriate,” without providing further details.
Glencore, which is based in Switzerland but listed on the London stock market, may also be facing a British fraud probe over its operations in the DR Congo, Bloomberg reported in May.
The news sent the company’s stock plunging down 7.5 percent at 322 British pence through early trading.


Report: 2 Iranian lawmakers arrested for ‘disrupting’ market

Updated 22 August 2019

Report: 2 Iranian lawmakers arrested for ‘disrupting’ market

  • The report did not reveal if they have been charged with any financial crimes
  • Iran arrested several people since 2018 on corruption charges

TEHRAN: Iran’s semi-official Fars news agency says two lawmakers have been arrested for unspecified actions described as “disrupting” the country’s car market.
The report says the two lawmakers — Fereydoun Ahmadi and Mohammad Azizi — were initially taken to the Evin prison in Tehran but they were later released for about $85,000 in bail.
The report didn’t specify if the two have been charged with any financial crimes.
Iran is trying to crack down on corruption and has arrested several persons since 2018. Two prominent local businessmen have been hanged.
Iran’s economy nosedived since the US pullout from the nuclear deal last year. Prices of cars have skyrocketed as Western manufacturers pull out of the country and foreign-produced parts are becoming harder to find. China is trying to fill the void.