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Glencore finds facts that “may be relevant” to corruption probes

Glencore faces probes from the US Department of Justice, the Commodity Futures Trading Commission, the U.K. Serious Fraud Office and Brazilian authorities. (Image courtesy of Glencore)

Miner and commodities trader Glencore (LON: GLEN) has found certain facts that “may be relevant” to the probes it’s facing and has shared them with regulators, the company’s auditor said.

Deloitte, which conducted the audit overview of Glencore’s annual report, say it had “identified facts” that may help authorities progress on the multiple, but separate alleged corruption and bribery investigations targeting the Swiss company. 

The Swiss miner and commodity trader is being investigated for alleged corruption and bribery in the UK, US and Brazil

The ongoing probes in the UK, the US and Brazil, have scared investors and shaken the company over the past two years.

Today’s news is likely to increase pressure on chief executive officer Ivan Glasenberg. He told investors last month to prepare for more leadership changes and hinted that his own departure may come sooner than previously anticipated.

“The group is continuing to co-operate with the various regulatory and enforcement authorities on further subpoenas and information requests received,” chairman Tony Hayward said in the report.

Last month, Glencore reported its first annual net loss since 2015 after taking a $2.8 billion impairment charge to reflect the closure of its African copper business