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>> Billions wiped off the value of Glencore on Tuesday morning, after the commodities and mining company revealed one of its subsidiaries had been subpoenaed by the US Department of Justice. The DOJ requesting documents and records on compliance with US money laundering statutes and the Foreign Corrupt Practices Act.
That act makes it a crime for companies to bribe overseas officials to win business. The documents requested relate to the group's business in Nigeria, the Democratic Republic of Congo, and Venezuela from 2007 to the present. Glencore is a major exporter of Nigerian and Venezuelan crude, as well as one of the world's largest producers of cobalt, primarily from the DRC.
Shares in the company fell by more than 10% in early London trading. Glencore says it is reviewing the subpoena.