Glencore gets U.S. subpoena on compliance with money-laundering laws 6:57am EDT [Reuters]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Reuters
Glencore gets U.S. subpoena on compliance with money-laundering laws | Reuters Reuters Staff 3 Min Read LONDON (Reuters) - U.S. authorities have demanded the U.S. arm of Glencore Plc ( GLEN.L ) hand over documents relating to its business in Nigeria, the Democratic Republic of Congo and Venezuela, sending shares in the parent company down more than 10 percent. The Swiss-based commodities trader and miner said its subsidiary had received a U.S. Department of Justice subpoena requesting documents and records on compliance with the Foreign Corrupt Practices Act and U.S. money-laundering statutes. Shares in Glencore, a major exporter of Nigerian and Venezuelan crude oil, dropped as much as 13 percent, their biggest one-day fall in more than two years. They were down 9 percent at 317 pence by 1044 GMT. The company was the top loser in the British bluechip index. The documents requested from subsidiary Glencore Ltd relate to the group’s business in the three countries from 2007 to present
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