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.
