Glencore Accused by Investors of Corruption Cover-Up, FT Reports
August 31 2023 - 6:16AM
Dow Jones News
--Glencore has been accused by a group of investors of making
misleading statements to cover up corrupt activities, the Financial
Times reports.
--Nearly 200 funds, who currently hold more than 3.7 billion
pounds ($4.7 billion) in the Anglo-Swiss commodity miner, have
alleged that they suffered losses after buying shares in the
company at the time of its listing on the London Stock Exchange in
2011 and its merger with Xstrata in 2013 due to untrue statements
and omissions in the prospectuses related to both events, the FT
reports.
--The legal action follows Glencore's admission of bribery and
market manipulation in 2022.
--Glencore declined to comment when contacted by Dow Jones
Newswires.
Full story: https://tinyurl.com/3e24uw4c
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
August 31, 2023 06:01 ET (10:01 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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