Glencore to settle U.S., U.K. investigations for $1.5B - WSJ
Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) is set to settle long-running corruption investigations in the U.S. and U.K. on Tuesday, resolving criminal probes into its global mining and trading business that have hung over the company for years, The Wall Street Journal reports.
The company will settle the U.S. Department of Justice probe and has disclosed that it plans to pay total fines of $1.5B, which also covers expected penalties in the U.K. and Brazil.
Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) has told shareholders that it faced criminal and civil investigations from the DoJ, U.S. Commodity Futures Trading Commission, the U.K. Serious Fraud Office and the Brazilian Federal Prosecutor's Office.
The investigations have weighed Glencore's share price for several years and piled up legal costs for the company.
India's move to raise export duties on some commodities have sparked a surge in iron ore futures in China this week.