Glencore, related to cost overruns in Reficar, is under investigation in the United States

The Swiss multinational is the subject of an investigation for bribery and money laundering by the US Department of Justice.

The investigation for bribery and money laundering is subject to Glencore Plc He embodies the sum of all the fears of the world's largest commodity trader, and his manager ultimate, billionaire Ivan Glasenberg .

The possibility that the United States Department of Justice Unidos joins the vertiginous list of regulatory and legal problems of the Swiss society in the world, from Russia to Africa or the United South America has been one of the main concerns of its leaders and shareholders in recent months, assured a person knowledgeable about the subject.

The fear materialized on Tuesday when it was announced that US authorities had requested the delivery of related documents. to the activities of Glencore in the Democratic Republic of Congo Nigeria and Venezuela since 2007. Shares of the company fell to 8% after the announcement

The main risk of an investigation by the United States is that it entails a hefty fine or an agreement. But the fall of the stock, which wiped out in a single day 5,000 million US dollars from the market value of Glencore, far exceeds the highest fine imposed up to # 39, now by the Law of 1945 on corrupt practices. Abroad . This suggests that investors have other fears, says Maximilian Hess, Senior Political Risk Analyst at AKE International.

"Glencore was the company that operated where others could not or should not". . "It seems to be less and less durable."

The United States has not yet laid charges or clarified the subject of the investigation. Glencore said that he was reviewing the quote from the Department of Justice and would provide more information when he deems it appropriate.

In April, Glasenberg had to resign from the board of one of Glencore's largest aluminum suppliers, United Co. Rusal, after its main owner, Oleg Deripaska, was subjected to the most severe penalties. imposed by the United States on so-called Russian oligarchs.

The difficulties faced by Glencore in the Congo, where it operates large copper and cobalt mines,. The problems include a possible corruption investigation by British officials because of their relationship with Dan Gertler, an Israeli billionaire and close ally of Congolese President Joseph Kabila, the people said in May.

Spectrum, adding to his investigation activities in Venezuela and Nigeria, which increases the possibility that Glencore's administration is entangled in a lengthy judicial process. In addition, any fine or penalty will only complicate internal efforts to appoint a successor to Glasenberg, 61.

Glencore Executives

Glasenberg has directed Glencore since 2002 and is also his second-largest shareholder, according to Bloomberg data. Two of its closest leaders are associated with legal processes in countries that are now part of the research spectrum of the Department of Justice.

Glencore reduced the powers of Aristotelis Mistakidis, responsible for the copper unit. , after a review of operations in Congo has raised doubts about accounting and administration practices. Alex Beard, head of the oil sector, was summoned in 2015 in a lawsuit filed by a former manager in Nigeria.

Christopher LaFemina, an analyst at Jefferies LLC said the problem could become a long-term threat. term for Glencore's shares. "Investors will likely assume that Glencore will have to pay a hefty fine, and the cost of Glencore's capital will become more expensive because of an overall increase in risk."