Glencore stock weakens as U.S. probes ‘corrupt practices’ GlobeBusiness
Glencore added that the investigations had a similar scope in terms of subject matter as the ongoing investigation by the U.S. Department of Justice.
Last July, U.S. authorities demanded Glencore hand over documents about its business in the Democratic Republic of Congo, Venezuela and Nigeria as part of a corruption probe. “The CFTC investigation just reminds the market of the outstanding investigation once more and to have two sets of eyes on you must be uncomfortable,” Grant Sporre, an associate director at Macquarie said.
Sporre, however, noted it was unlikely to be a double penalty in terms of a sanction. Credit Suisse analysts said the CFTC fine could be “in the $10 millions”. “Until the impact of regulatory risks on potential liabilities, plus Glencore’s business model, can be quantified, it remains difficult to assess Glencore’s investment proposition,” JP Morgan analysts wrote, maintaining its “Neutral” rating.
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