, FILE - In this April 14, 2011 file picture the Glencore headquarters in Baar, Switzerland is photographed. Shares in commodities trading company Glencore have plunged after it was ordered to hand over documents and records to the U.S. Department of Justice as part of an investigation into possible corruption and money laundering. The company, which is based in Baar, Switzerland, said Tuesday, July 3, 2018 the requested documents relate to its business in Nigeria, Congo and Venezuela from 2007 onwards. (Urs Flueeler/Keystone via AP, file)
03 of July 2018 15:38:52
GENEVA (AP) — Shares in commodities giant Glencore plunged Tuesday after the company was ordered to hand over documents to the U.S. Department of Justice for a check on its compliance with corruption and money laundering rules.
The company, which is based in Baar, Switzerland, said Tuesday the requested documents and records relate to its business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 onwards. It said it is reviewing the subpoena.
Shares in the company, which sources and trades raw materials like metals and grains, dropped about 8 percent in London, where they are listed.
In Nigeria and Venezuela, Glencore produces oil and coal. In Congo, it operates mines for copper and cobalt, a key material in the production of mobile phone batteries.
Its Congo operations have been in focus recently due to its ties to Israeli tycoon Dan Gertler, who has long done business there and was sanctioned by the United States last year. The U.S. alleges Gertler amassed a personal fortune of billions of dollars by using his personal relationship with Congolese President Joseph Kabila to siphon off cash from the sale of mineral and oil rights.