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Glencore sets up board committee on U.S. money-laundering probe

Posted by: Admin | Posted on: July 11th, 2018 | 0 Comments

(Reuters) – Glencore Plc (GLEN.L) has established a board committee to oversee the mining company’s response to U.S. authorities’ demands for documents on its business in the Democratic Republic of Congo, Venezuela and Nigeria as part of a corruption probe.

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo

The committee comprises of Chairman Tony Hayward and Independent Non-Executive Director Leonhard Fischer and Patrice Merrin, the company said in a statement on Wednesday.

Swiss-based Glencore received a subpoena from the U.S. Department of Justice (DOJ) last week requesting documents and records on compliance with the U.S. Foreign Corrupt Practices Act and money-laundering statutes.

Reporting by Arathy S Nair in Bengaluru; editing by Patrick Graham

Article source: http://feeds.reuters.com/~r/reuters/businessNews/~3/HouIJZLnbCQ/glencore-sets-up-board-committee-on-u-s-money-laundering-probe-idUSKBN1K10SI

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