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Glencore under investigation by UK’s Serious Fraud Office

Glencore was notified yesterday that the UK’s Serious Fraud Office (SFO) has opened an investigation into suspicions of bribery in the conduct of business of the group, its employees, agents and associated persons.

No specifics to the investigation into the world’s biggest commodity trader were revealed.

The move by the Serious Fraud Office adds to ongoing corruption probes that Glencore is facing in the US and Brazil linked to the long-running Petrobras corruption scandal as well as its activities in Africa and Venezuela.

Ivan Glasenberg, Glencore’s chief executive since 2002, has recently hinted he is preparing to step down from the conglomerate next year.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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