Glencore Faces New Corruption Investigation With CFTC Probe
- Trading house says inquiry has similar scope to that of DOJ
- CFTC director warned of overseas fraud probes last month
This article is for subscribers only.
Glencore Plc is under investigation by the U.S. Commodity Futures Trading Commission for possible corrupt practices, the latest legal headache for the world’s biggest commodity trader.
It’s another sign that the industry is coming under intense scrutiny by authorities for business practices in resource-rich countries around the world. There are now a multitude of bribery and corruption investigations in jurisdictions ranging from Brazil to the U.S., drawing comparisons with the early 1980s when Glencore’s founder Marc Rich was prosecuted for tax evasion.