Glencore will also face a British investigation into its bribery case-Shanghai Metals Market

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Glencore will also face a British investigation into its bribery case

Translation 02:04:33PM May 19, 2018 Source:SMM

SMM5: British prosecutors are preparing a formal investigation into Glencore's bribery with Dan Gertler, and Congolese leaders, according to two people familiar with the matter. Investigators plan to obtain formal approval from the Serious Fraud Office to conduct a full investigation of Glencore's operations in the Congo.

Glencore shares have fallen 4.4 per cent. Investec Ltd. Hunter Hillcoat, a mining analyst, said that while Glencore's share price had fallen, it would have had little impact if no further progress had been made.

Och-Ziff Capital Management admitted in 2016 that it had bribed Congolese officials with the help of an Israeli businessman. The company has invested in Gertler's operations in Congo. Gertler currently denies any wrongdoing and has not been charged. Glencore has severed ties with him.

The SFO investigation will put Glencore under increasing legal pressure. It also tried to draw a line with Oleg Deripaska after the US imposed sanctions on Rusal in April. Glencore is still in conflict with Gertler's operations in Congo over assets.

Gertler and Glencore worked together for the first time in 2007 to invest in a Congolese mine and exploit copper and cobalt resources in Mutanda and Katanga. In 2012, Glencore chief executive Ivan Glasenberg said Gertler had been a shareholder in its Katanga mining subsidiary and that both sides had been involved in expanding mining investment in Congo.

"the SFO investigation will be a real breakthrough," Peter Jones said in an email. "it will draw the attention of the London-listed public to their overseas operations if an investigation is formally launched. Glencore's management will have to explain its opaque deal with Gertler, which cost Congo $500m in potential revenue.

People familiar with the matter also said SFO's interest in Glencore stemmed from a six-year investigation into its Kazakhstan-based ENRC mining company, a company that works with Eurasian Resources Group and has also bribed Congolese officials.

Glencore and Gertler declined to comment.

Cao Yuuqin, (SMM) of Shanghai Colored net, translated from https://www.informationmanagement.com/articles/robots-will-run-mines-within-the-next-decade-anglo-says

(note: if copyright issues are involved, please contact SMM and we will deal with them in a timely manner)

Key Words:  Glencore  Copper  Cobalt  Mining 

Glencore will also face a British investigation into its bribery case

Translation 02:04:33PM May 19, 2018 Source:SMM

SMM5: British prosecutors are preparing a formal investigation into Glencore's bribery with Dan Gertler, and Congolese leaders, according to two people familiar with the matter. Investigators plan to obtain formal approval from the Serious Fraud Office to conduct a full investigation of Glencore's operations in the Congo.

Glencore shares have fallen 4.4 per cent. Investec Ltd. Hunter Hillcoat, a mining analyst, said that while Glencore's share price had fallen, it would have had little impact if no further progress had been made.

Och-Ziff Capital Management admitted in 2016 that it had bribed Congolese officials with the help of an Israeli businessman. The company has invested in Gertler's operations in Congo. Gertler currently denies any wrongdoing and has not been charged. Glencore has severed ties with him.

The SFO investigation will put Glencore under increasing legal pressure. It also tried to draw a line with Oleg Deripaska after the US imposed sanctions on Rusal in April. Glencore is still in conflict with Gertler's operations in Congo over assets.

Gertler and Glencore worked together for the first time in 2007 to invest in a Congolese mine and exploit copper and cobalt resources in Mutanda and Katanga. In 2012, Glencore chief executive Ivan Glasenberg said Gertler had been a shareholder in its Katanga mining subsidiary and that both sides had been involved in expanding mining investment in Congo.

"the SFO investigation will be a real breakthrough," Peter Jones said in an email. "it will draw the attention of the London-listed public to their overseas operations if an investigation is formally launched. Glencore's management will have to explain its opaque deal with Gertler, which cost Congo $500m in potential revenue.

People familiar with the matter also said SFO's interest in Glencore stemmed from a six-year investigation into its Kazakhstan-based ENRC mining company, a company that works with Eurasian Resources Group and has also bribed Congolese officials.

Glencore and Gertler declined to comment.

Cao Yuuqin, (SMM) of Shanghai Colored net, translated from https://www.informationmanagement.com/articles/robots-will-run-mines-within-the-next-decade-anglo-says

(note: if copyright issues are involved, please contact SMM and we will deal with them in a timely manner)

Key Words:  Glencore  Copper  Cobalt  Mining