Glencore PLC

Glencore Plc ( GLCNF ) Accused of Violating Bribery Laws

According to the class action complaint, Glencore Plc ( GLCNF ) represented that the company “takes ethics and compliance very seriously” and is “committed to complying with or exceeding the laws and external requirements” applicable to its operations and products. On May 28, 2018, Bloomberg reported that the U.K.’s Serious Fraud Office was preparing to investigate Glencore for bribery in connection with Glencore’s work with Israeli billionaire Dan Gertler and the leader of the Democratic Republic of Congo. Then, on July 3, 2018, Glencore disclosed that the U.S. Department of Justice issued its subsidiary a subpoena to produce documents and other records in connection with the company’s compliance with U.S. money laundering laws and the Foreign Corrupt Practices Act. Since news of Glencore’s troubles began to come to light, Glencore’s stock has fallen nearly 22% to close at $4.20 per share on July 3, 2018, and continues to fall.

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