Business Maverick: Glencore Faces New Corruption Investigation With CFTC Probe

The probe comes after the London-listed company was subpoenaed last year by the U.S. Justice department for documents relating to its dealings in Nigeria, the Democratic Republic of Congo and Venezuela since 2007.

The company said it believes the CFTC’s investigations “have a similar scope in terms of subject matter” to the DOJ probe, which became public last July. CFTC spokeswoman Erica Elliott Richardson didn’t return a request for comment on the probe. This is “clearly an unhelpful headline for Glencore, which reminds the market of the outstanding DOJ investigation,” said Macquarie Group Ltd. analyst Grant Sporre. “However I don’t think this will impact the size of the fine or sanction due to agreements on not duplicating fines.”

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