The Central British anti-corruption authority, SFO conducts an investigation against Glencore , the largest Swiss company. The Suspicion: Corruption. The British say their inquiry extends not only on group but also on the level of management, employees and related persons. Glencore wants to announce any Details regarding the procedure.
The Zug-based commodities giant came last year to target the largest investigative Agency in the world: The USDepartment of Justice had made it known that it is of Glencore documents requested in the course of an investigation for corruption and money laundering in the Congo, Venezuela and Nigeria. With the advance of the British, the group is now definitely in the crisis. Immediately after the message was made public, dropped the share price by more than seven percent in the cellar.
There are several reasons why the procedure of the SFO for Glencore fire is dangerous. The company is listed on the London stock exchange. The British have a much stronger access to the company than the Americans. The US founder of Glencore, Marc Rich, had been brought to difficulties with the tax authorities, the group's short-hand in Switzerland and America, always be avoided.
The second reason why the Swiss group of the British, possibly more harm, than by the Americans, is up to one man: Dan Gertler.
The Israeli commodities trader was one of the largest business partner of Glencore. Zuger is borrowed from the Israelite, a total of almost a billion dollars for its mining business in the Democratic Republic of the Congo. Often they were even a direct business partner.
of The Israeli commodities trader Dan Gertler has received from Glencore loan of almost one billion dollars. Now he is on the U.S. sanctions list because of corruption. Photo: Simon Dawson (Getty)
Last year, made this newspaper made public that London, determined, against Gertler. The Swiss lawyer Marc Bonnant confirmed that the SFO Gertlers account had requested documents from Switzerland.
It was known that the British had also Gertlers business partner in the Congo in the visor. However, the focus of other companies were for a long time. In may 2018, the Bloomberg news Agency reported with reference to anonymous sources, that London could open up in the course of the Gertler-case proceedings against Glencore. Already on the basis of this speculation, the share price fell back sharply. With the official confirmation today, the market reacted even harsher.
Glencore received mine licenses cheap
Gertler for Glencore is so problematic, because he is one of the closest friends of the former Congolese President, Joseph Kabila. For almost twenty years, the UN, the world Bank and even the Congolese Parliament against possible corrupt Deals warn. All of this is not held by Glencore of which is to make him your main partner in the Congo.Thanks to the data leakage Paradise Papers in 2017, was then well known that Glencore mine received licenses to hundreds of millions of dollars cheaper, after the company had turned Gertler.
Shortly thereafter, the Israeli came to the sanctions list of the USA. He had billions amassed with "corrupt mines and Öldeals in the Congo," writes the U.S. Department of the Treasury. "Gertler has used his close friendship with Kabila in order to position itself as a middle-man for the selling of Mine operations." International companies had been forced to acquire mines in the Congo via Gertler.
Glencore CEO Ivan glasenberg suggests that he goes earlier than planned. Photo: Nicola Pitaro
Whether the SFO is determined in fact, because of the Congo against the Zug-based group, is still unclear. In the case of Gertler a criminal complaint against Glencore is in Switzerland for two years, pending. The development organization of the Public Eye, had been submitted to the Paradise Papers in the office of the attorney General. You can find "against the unknown," said the authority this spring. Yesterday, the Federal government did not want to take advocacy position: "The communication situation is unchanged."
the Public Eye don't want to accept: "It is time that the office of the attorney General provides clarity, what it has done in all this time," says Oliver Classen of the Public Eye. It indicates a lot to the fact that it is also in London by Glencore's transactions with Gertler.
The recent turmoil leave hints of Glencore chief Ivan glasenberg on Tuesday in a new light. In front of investors, glasenberg said that he made perhaps faster than previously anticipated, the management of the commodity group: "It could happen soon." Last year, glasenberg said he was going to be in three to five years.
Created: 05.12.2019, 20:55 PM