Glencore Forms Board Committee To Oversee Response To DOJ's Subpoena; Stock Dips

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(RTTNews.com) - Glencore Plc (GLCNF.PK, GLNCY.PK, GLEN.L) announced Wednesday that it has established a committee of the Board to oversee its response to the subpoena from the United States Department of Justice for a unit, Glencore Ltd.Glencore shares were losing around 3 percent in the early morning trading in London.

Glencore on July 3 announced that its unit had received a subpoena from the DOJ to produce documents and other records with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes. The requested documents relate to the Glencore Group's business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present.

The company now said the committee comprises the Chairman, Tony Hayward, along with independent non-executive directors Leonhard Fischer and Patrice Merrin.

Chairman Tony Hayward said, "Glencore takes ethics and compliance seriously throughout the Group. The Company will cooperate with the DOJ, while continuing to focus on our business and seeking to maximise the value we create for our diverse stakeholders in a responsible and transparent manner."

In London, Glencore shares were trading at 317.31 pence, down 2.95 percent.

Read the original article on RTTNews (http://www.rttnews.com/2912597/glencore-forms-board-committee-to-oversee-response-to-doj-s-subpoena-stock-dips.aspx)

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This article appears in: World Markets , Stocks , Technology , Oil
Referenced Symbols: GLCNF ,

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