In Glencore probe, CFTC, a new corruption player, so far sticks to the old rules

30 April 2019 11:13pm
Mining company Glencore last week became the first publicly acknowledged target of the Commodity Futures Trading Commission's recently announced crackdown on foreign corrupt practices. Though the agency's foray into corruption raised some nervous questions about what kind of cases it might bring, this first outing trods familiar ground, tracking a sister agency's existing probe.

Glencore, a British-Swiss mining company, last week became the first publicly acknowledged target of the Commodity Futures Trading Commission's recently announced crackdown on foreign corrupt practices. Though the agency's foray into corruption raised some nervous questions about what kind of cases it might bring, this first outing trods familiar ground, tracking a sister agency's existing probe.

Glencore on Thursday disclosed to its shareholders that the CFTC started an investigation that parallels an existing US Justice Department Foreign Corrupt Practices Act-related probe. In July, Glencore said the DOJ was looking into its business in Nigeria, the Democratic Republic of Congo and Venezuela. Glencore has said it will cooperate with the new CFTC investigation.