Mining giant Glencore faces money laundering probe

“Mining giant Glencore has been ordered by US authorities to hand over records and documents relating to an investigation into money laundering.

The subpoena from the US Department of Justice is in relation to compliance with the Foreign Corrupt Practices Act and money-laundering laws.

It is regarding business dealings in Nigeria, Democratic Republic of Congo and Venezuela from 2007 onwards.

Glencore confirmed it had received the subpoena, which it is now reviewing.

A subpoena is a court order which compels an organisation or person to produce physical evidence, or face punishment.

Shares in Glencore fell 9% in early Tuesday trading after the news broke.

Glencore mines and trades commodities and is one of the biggest firms in the industry.”

Source – BBC News