Foreign Corrupt Practices Act: Investigations Dataset

Investigation Name: Investigation into Glencore's Activities in Nigeria, the Democratic Republic of Congo, and Venezuela from 2007 to 2018

Trend: None

Type of investigation: Internal, DOJ

Other Agencies Investigating/Assisting with DOJ Investigation:

U.S. Commodity Futures Trading Commission
Brazilian Law Enforcement Agency
Ontario Securities Commission
Swiss Office of the Attorney General
U.K. Serious Fraud Office

Whistleblower: Unknown

Summary

Glencore plc is a large multinational commodity trading and mining company. With headquarters in Switzerland and principal offices in the UK, its stock is traded in the US on the OTC Market.

In a press release dated November 20, 2017, Glencore announced that the investigation concerning a restatement at its subsidiary Katanga Mining Limited had been completed. It appears that three of Katanga's directors resigned in connection with the restatement, and Glencore announced that it had nominated three directors to fill those positions. In the same press release, Glencore disclosed that the Ontario Securities Commission had advised the company that it was being investigated in connection with Katanga's previous periodic public disclosures and whether they were misleading with respect to corporate governance practices and compliance with certain international anti-bribery and corruption laws.

On July 3, 2018, Glencore announced in a press release that it had received a subpoena the previous day from the DOJ. The DOJ was seeking documents and records with respect to compliance with the FCPA and certain money laundering statutes. The subpoena sought information concerning the company's businesses in Nigeria, the Democratic Republic of Congo, and Venezuela from 2007 through the then present date.

On July 11, 2018, Glencore announced that it would cooperate with the DOJ and that the company's board had established a three-member committee to oversee Glencore's response to the DOJ inquiry. The members of the committee were the chairman of the board, Tony Hayward and independent non-executive directors Leonhard Fischer and Patrice Merrin.

In a press release on April 25, 2019, Glencore announced that the U.S. Commodity Futures Trading Commission had initiated an investigation into whether the company or its subsidiaries had violated certain provisions of the Commodity Exchange Act or CFTC Regulations in connection with the same possible corrupt practices under investigation by the DOJ.

The company's annual report for 2019 confirmed that Brazilian authorities were also investigating the company in connection with the extensive "Lava Jato" (Operation Car Wash) investigation occurring in that country.

The company's half-year report for 2020 disclosed that the Office of the Attorney General of Switzerland had also opened an investigation into the company.

On February 15, 2022, Glencore announced its preliminary results for 2021. In the release, the company disclosed that it expected to resolve the investigations in 2022 and had accrued $1.5 billion in anticipation of a settlement.

On May 24, 2022, Glencore announced that it had reached a global resolution with authorities in the U.S., U.K., and Brazil.

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| Investigations Dataset

Investigations Dataset

Information & Summary

Investigation into Glencore's Activities in Nigeria, the Democratic Republic of Congo, and Venezuela from 2007 to 2018

Information & Summary

Protected Content