Glencore Panel to Study Subpoena -- WSJ
12 Julho 2018 - 4:02AM
Dow Jones News
By Scott Patterson
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (July 12, 2018).
Glencore PLC Chairman Tony Hayward is heading a new board
committee to oversee the Anglo-Swiss mining giant's response to a
subpoena by the U.S. Department of Justice, the company said
Wednesday.
On July 3, Glencore said it had received a subpoena from the
Justice Department relating to its compliance with the U.S. Foreign
Corrupt Practices Act and money-laundering statutes. The company
said it was asked to produce documents concerning Glencore's
business in Nigeria, Congo and Venezuela from 2007 to the
present.
As well as Mr. Hayward, who was formerly chief executive of BP
PLC, the committee will comprise of Leonhard Fischer and Patrice
Merrin, who are both independent nonexecutive directors at
Glencore.
Mr. Hayward said the company would be cooperating with U.S.
authorities and that Glencore "takes ethics and compliance
seriously throughout the group."
Glencore shares were down nearly 5% in London morning trade.
Stocks across the globe fell early Wednesday, with commodity shares
among the worst performers.
Mr. Hayward, who was appointed nonexecutive chairman of Glencore
in May 2013, has had previous experience with the Justice
Department. He oversaw BP when the Deepwater Horizon rig exploded
in April 2010, causing the largest oil spill in U.S. waters and
killing 11 crew members. Following the disaster, the Justice
Department launched an investigation into whether BP violated U.S.
civil or criminal laws.
Mr. Hayward left BP just months after the disaster. In 2015, the
Obama administration reached a $20.8 billion settlement with BP
over the spill, the biggest pollution penalty in U.S. history.
Glencore also faces an investigation into its activities in
Congo by the Ontario Securities Commission. The OSC, Canada's
largest securities regulator, is probing payments a Glencore
subsidiary made to a company controlled by its longtime partner in
Congo, Israeli diamond tycoon Dan Gertler, the Journal reported.
Mr. Gertler had acquired the payments from Congo's state-run mining
company, Gecamines. They were later transferred to Glencore at
Gecamines' request.
Glencore disclosed an OSC investigation into its Congo
operations in November and said several board members of one of its
copper-mining subsidiaries, Katanga Mining, were stepping down
following an internal probe that found "material weaknesses" in its
controls over financial reporting.
The Journal reported last week that the Justice Department is
focusing on, among other things, Glencore's business ties to Mr.
Gertler in Congo.
Write to Scott Patterson at scott.patterson@wsj.com
(END) Dow Jones Newswires
July 12, 2018 02:47 ET (06:47 GMT)
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