UK anti-fraud agency investigating commodities firm Glencore

Business

FILE – In this April 14, 2011 file photo, the Glencore headquarters in Baar, Switzerland is photographed. Commodities company Glencore says it’s facing an investigation by the British government’s fraud investigator amid suspicions of bribery. The company and Britain’s Serious Fraud Office confirmed the investigation in brief statements. The fraud office said Thursday, Dec. 5, 2019 it involved the “Glencore group” and its “officials, employees, agents and associated persons.” (Urs Flueeler/Keystone via AP, file)

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

GENEVA (AP) — Commodities company Glencore says it’s facing an investigation by the British government’s fraud investigator amid suspicions of bribery.

The company and Britain’s Serious Fraud Office confirmed the investigation in two-line statements. The fraud office said Thursday it involved the “Glencore group” and its “officials, employees, agents and associated persons.”

Glencore, based in Baar, Switzerland, said it was cooperating with the investigation. Shares in the company dropped over 7%.

In April, the U.S. Commodity Futures Trading Commission informed the company that it was investigating whether Glencore and its subsidiaries may have violated U.S. law or regulations through “corrupt practices in connection with commodities.”

Last year, Brazilian prosecutors announced an investigation into Glencore and fellow trading companies Trafigura and Vitol over suspicions of paying over $30 million in bribes to employees of state-owned oil company Petrobras.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.