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 corruption and bribery investigations targeting the Swiss company.
The Swiss miner and commodity trader is being investigated for suspected 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.
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.
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.
Glencore is not the only top miner under scrutiny. Rio Tinto (ASX, LON, NYSE: RIO) is being investigated by both the US Department of Justice and the UK’s Serious Fraud Office over a questionable $10.5 million payment it made to an external consultant who helped the company win the rights to the giant Simandou iron ore deposit in Guinea.