Glencore Under Investigation for Bribery by U.K. Authorities
- Glencore shares tumbled as much as 8.6% in London trading
- More probes add pressure on CEO Ivan Glasenberg to step down
Photographer: Brendon Thorne/Bloomberg
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Glencore Plc is being investigated for bribery by U.K. authorities, deepening the legal troubles that threaten the world’s biggest commodities trader. The shares fell as much as 8.6% to a three-year low.
The move by the Serious Fraud Office adds to ongoing corruption probes that Glencore is facing in the U.S. and Brazil, which have scared investors and shaken the company over the past two years. The SFO cast a wide net, saying it’s looking into suspicions of bribery by the company, its employees, agents and associated persons.