CFTC to investigate Glencore
(Posted on 29/04/19)
Glencore has been informed by the United States Commodity Futures Trading Commission (“CFTC”) that the CFTC is investigating whether Glencore and its subsidiaries may have violated certain provisions of the Commodity Exchange Act and/or CFTC Regulations through corrupt practices in connection with commodities.
Glencore understands that the CFTC’s investigations are at an early stage and have a similar scope in terms of subject matter as the current ongoing investigation by the US Department of Justice (“DOJ”).
Glencore will cooperate with the CFTC. Glencore’s response will be managed by its Investigations Committee, which was set up in July 2018 to oversee Glencore’s response to the investigation by the DOJ.
Glencore are one of the world’s largest globally diversified natural resource companies. Founded in the 1970s as a trading company operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.
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