SMM12, March 3: mining and commodities trader Glencore will remove its original position as head of copper trading Telis Mistakidis by the end of the year because the administration has recently been subject to a series of investigations, including a serious review of legal issues. The 56-year-old executive, known as Telis, is one of the world's most powerful commodity traders and has helped build Glencore's reputation as the dominant force in the copper industry. He is also one of Glencore's largest shareholders, with a 3.2 per cent stake. The company said in a statement that he would be replaced by Nico Paraskevas, former chief financial officer of Katanga Mining. The move is part of a broader leadership restructuring that has led to Peter, the company's veteran and coal chief executive. Mr Freiberg (Freyberg) has become head of industrial and mining assets, a new role.
According to the Minister of Mining, Martin Kabwelulu, it is "unacceptable" for ores mined in the Democratic Republic of the Congo to leave the country with harmful levels of radioactivity, which exceeds the limits tolerated by national and international regulations.
The Swiss giant is already handling (DOJ) investigations by the US Department of Justice into its activities in Venezuela, Nigeria and the Democratic Republic of the Congo. The announcement of such surveys alone has reduced the company's market value by $5 billion.
In addition, the serious Fraud Office said in May that it was preparing to conduct a formal bribery investigation into the company and an audit of its transactions with Dan Gertler, Glencore's former business partner in the Democratic Republic of the Congo.
In addition, Glencore reduced its marketing division's profit guidance, saying it now expects to reach $2.7 billion this year, compared with a previous guidance of $3.2 billion.
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