The Swiss-based conglomerate, Glencore Plc is being probed by the United States government over corrupt mining deals in Nigeria and other countries.
Glencore confirmed this statement on Thursday by Mr. Charles Watenphul that the US Commodity Futures Trading Commission (CFTC) is investigating whether the miner and its units may have violated certain regulations through “corrupt practices”.
The company said the investigations are at an early stage and have a similar scope in terms of subject matter as a current investigation by the US Department of Justice.
Swiss-based Glencore said last July it received a subpoena from the DoJ requesting documents and records on compliance with the US Foreign Corrupt Practices Act and money-laundering statutes.
The documents related to the company’s business in the Democratic Republic of Congo, Venezuela and Nigeria.
Glencore said it will cooperate with the CFTC, but declined to comment beyond the statement.
The company added that its response will be managed by its investigations committee, which was set up following the DoJ subpoena.
The statement reads: “Glencore has been informed by the United States Commodity Futures Trading Commission (“CFTC”) that the CFTC is investigating whether Glencore and its subsidiaries may have violated certain provisions of the Commodity Exchange Act and/or CFTC Regulations through corrupt practices in connection with commodities.
“Glencore understands that the CFTC’s investigations are at an early stage and have a similar scope in terms of subject matter as the current ongoing investigation by the US Department of Justice (DOJ).”
“Glencore will cooperate with the CFTC. Glencore’s response will be managed by its Investigations Committee, which was set up in July 2018 to oversee Glencore’s response to the investigation by the DOJ.”