Glencore Shares Drop After Subpoena From Justice Department

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(RTTNews.com) - Glencore Ltd, a subsidiary of mining giant Glencore plc, faces an investigation for alleged money laundering by US federal authorities.

The company received a subpoena from the US Department of Justice 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.

Glencore is reviewing the subpoena and will provide further information in due course as appropriate, the company said in a statement.

Glencore's shares fell as much as 13% to a one-year low in London, wiping about 6 billion pounds off its market value.

The largest penalty charged for foreign corruption under the FCPA was a $965 million payment on Telia Company after it accepted that it paid bribes to a government official in Uzbekistan, according to Bloomberg.

Read the original article on RTTNews (http://www.rttnews.com/2910811/glencore-shares-drop-after-subpoena-from-justice-department.aspx)

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

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