Mining

Glencore auditor says in annual report it may have facts relevant to corruption probes

THERE may be substance to the investigations into bribery and corruption facing Glencore, said Bloomberg Quint citing comments by the Swiss firm’s auditor.

According to the newswire, Glencore’s auditor said in the firm’s annual report published today that it had uncovered “facts that may be relevant” to corruption probes by US and UK anti-graft authorities.

Bloomberg Quint said this marked the first indication from the company that it has a case to answer in respect of separate probes by the US Department of Justice, the Commodity Futures Trading Commission, and the UK Serious Fraud Office. Glencore declined to comment on the statement contained in the auditor’s report.

The investigation into possible bribery and corruption in different parts of the world have weighed on the share price of the mining and commodity trading house over the past two years and marred the legacy of its longstanding chief executive, Ivan Glasenberg, said Bloomberg Quint.

Glencore has appointed external lawyers and forensic experts to help it respond to the investigations.

The company’s auditor said Glencore had “identified facts that may be relevant to the investigations and has shared these facts with the relevant authorities.” However, Glencore has not yet made any provision in its accounts.

Source: miningmx.com

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