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Glencore Plc dropped the most in two years as his African troubles dramatically worsened after US authorities demanded documents related to corruption and possible money laundering
. The Department of Justice will produce documents regarding compliance with the Foreign Corrupt Practices Act and the US Money Laundering Laws. The documents relate to the activities of the company in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to today. Shares plunged up to 11%.
The year was tumultuous for Glencore, mainly because of the challenges badociated with its operations in Congo, where it operates giant mines of copper and cobalt. The Swiss trader and miner is already facing the possibility of a corruption investigation by British prosecutors over his work with Dan Gertler, an Israeli billionaire and close friend of Congolese President Joseph Kabila, people familiar with the situation in May. .
stated that he is reviewing the subpoena and will provide additional information where appropriate.
The shares dropped to the lowest since July 2017 and were down 10% to 9:06 in London
The flow of negative news we had during this year, the instinctive reaction is worse that it could have been otherwise, "said Hunter Hillcoat, an badyst at Investec Securities Ltd., on the phone." DOJ fines can be significant, but eliminating 10% of the market capitalization would be more important than any fine that I could reminder. "
Last month, business problems seemed to be slowing down in the DRC Given the risk of losing control of its mines, Glencore complied with the demands of two entities closely related to the government – the state-owned mining company Gecamines and Gertler, which is currently under US sanctions.
Glencore's bonds have also collapsed news. euros ($ 583 million) from the company in April 2026 are down, falling 3 cents on the euro to 108 cents, the largest decline in more than two years, according to Bloomberg.
– With the help of Katie Linsell
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