World's biggest mining company subpoenaed over alleged corruption and money laundering

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Leadership & combatting corruption

World's biggest mining company subpoenaed over alleged corruption and money laundering

Glencore, the world’s biggest mining company, faces a potential investigation by US authorities for alleged money laundering, after being ordered to hand over documents to the Department of Justice.

Shares in the Anglo-Swiss firm fell as much as 13% to a one-year low in London, wiping more than £5bn off its market value. They were later down 4.3% at 334.45p.

The subpoena relates to compliance with the Foreign Corrupt Practices Act and US money laundering laws, Glencore said.

Read the full story (via The Guardian).