• Welcome to DOSBODS

     

    DOSBODS is free of any advertising.

    Ads are annoying, and - increasingly - advertising companies limit free speech online. DOSBODS Forums are completely free to use. Please create a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

     

Archived

This topic is now archived and is closed to further replies.

JackieO

Glencore subpoenaed by Trumps DOJ

Recommended Posts

U.S. slaps Glencore with subpoena as part of money-laundering probe

 

Quote

U.S. authorities have demanded Glencore (GLEN.L) hand over documents about its business in the Democratic Republic of Congo, Venezuela and Nigeria as part of a corruption probe, sending the mining company's shares down more than 8 percent.

Swiss-based Glencore said it received a subpoena from the U.S. Department of Justice dated July 2 requesting documents and records on compliance with the U.S. Foreign Corrupt Practices Act and money-laundering statutes.

Glencore said the documents requested from its U.S. division related to the commodity trader's business in the three countries from 2007 to present. Glencore, which listed in London in 2011, said it was reviewing the subpoena.

The U.S. Foreign Corrupt Practices Act makes it a crime for companies to bribe overseas officials to win business.

The final paragraph caught my eye and prompted a bit of digging

Quote

Glencore's founder, Marc Rich, was indicted in 1983 for exploiting the U.S. embargo against Iran, tax evasion, fraud and racketeering. He fled to Switzerland, where he remained a fugitive pursued by the Justice Department until he was pardoned by then-President Bill Clinton in 2001.

 

Quote

n 1983 Rich and partner Pincus Green were indicted on 65 criminal counts, including income tax evasion, wire fraud, racketeering, and trading with Iran during the oil embargo (at a time when Iranian revolutionaries were still holding American citizens hostage).[7][18] The charges would have led to a sentence of more than 300 years in prison had Rich been convicted on all counts.[18] The indictment was filed by then-U.S. Federal Prosecutor (and future mayor of New York City) Rudolph Giuliani. At the time it was the biggest tax evasion case in U.S. history.

Bill Clinton pardoned Marc Rich on his last day in office in 2001.

Giuliani is a close friend of Trump. Unfinished business??

Quote

Clinton's critics alleged that Rich's pardon had been bought, as Denise Rich had given more than $1 million[26] to Clinton's political party (the Democratic Party), including more than $100,000 to the Senate campaign of the president's wife, Hillary Rodham Clinton, and $450,000 to the Clinton Library foundation during Clinton's time in office.[22]

Curiouser and Curiouser....

Share this post


Link to post
Share on other sites

To be clear Marc Rich Glencore's founder is dead but this sleazy guys dodgy practices no doubt became part of Glencores modus operandi...

Ooops missed this..... somebody woke up the Serious Fraud Office!

Quote

Investors are also monitoring developments in Britain where the Serious Fraud Office was reported to be preparing to open a formal investigation into Glencore's activities in the DRC.

Interesting that the three countries they have massive dealings in are complete hell/shit holes.

Share this post


Link to post
Share on other sites

Good news. There'll be more out there, any of these companies working in the extraction industry will be up to their necks in B & C, it's the only way to do business in the world's shitholes.

Share this post


Link to post
Share on other sites
29 minutes ago, Roger_Mellie said:

These companies are the real legacy of empire.

Massively invested in resources and insanely well connected at every level. It will come to nought.

But but but Giuliani nailed Glencores founder back in the day.

Rich was left facing dying in prison

So it can be done and has been in the past.

With Trump in charge, I don't think this will blow over.

Share this post


Link to post
Share on other sites
15 minutes ago, Dipsy said:

Good news. There'll be more out there, any of these companies working in the extraction industry will be up to their necks in B & C, it's the only way to do business in the world's shitholes.

Indeed.  DRC is an easy one -- working there?  You'll be elbows deep in bribery.

Share this post


Link to post
Share on other sites

Now I'll await Glencore to become the doyen of the left, their praises sung daily by CNN for being the very archetype of 'benevolent, charitable multinational corporation who seek to maximize fairy dust, not profit'

Share this post


Link to post
Share on other sites
56 minutes ago, Dipsy said:

Good news. There'll be more out there, any of these companies working in the extraction industry will be up to their necks in B & C, it's the only way to do business in the world's shitholes.

Not just the extraction industry. Many large corporations use a local "agent" who gets a percentage of every contract. The agent pays the kickbacks and keeps the change (or is the person who is getting the kickbacks)

Share this post


Link to post
Share on other sites
9 minutes ago, PatronizingGit said:

Now I'll await Glencore to become the doyen of the left, their praises sung daily by CNN for being the very archetype of 'benevolent, charitable multinational corporation who seek to maximize fairy dust, not profit'

Peter Grauer  a Senior Independent Non-Executive Director of Glencore is

Quote

founding chairman of the American chapter of the 30% Club, an international organization aimed at increasing women’s representation on corporate boards.[14]

Grauer was named to the Global Advisory Board of Out Leadership, which partners with senior executives to advance LGBT equality, in late 2014.[15] OutStanding and the Financial Times named Grauer #4 in their 2015 list of Leading LGBT & Ally Executives, citing his active commitment to LGBT workplace inclusion in Bloomberg LP’s global offices.[16]

Tentacles everywhere...

Share this post


Link to post
Share on other sites
6 hours ago, Dipsy said:

Good news. There'll be more out there, any of these companies working in the extraction industry will be up to their necks in B & C, it's the only way to do business in the world's shitholes.

Under the FCPA it is ok to bribe someone to do what they otherwise should do as part of their job, such as bribing a customs official to get customs clearance at a port when all the paperwork is in order but they refuse to act. The prohibition is against higher-level stuff such as bribing government officials to get a contract.

Share this post


Link to post
Share on other sites

No.

Marc Rich and Glencore are long estranged.

This funnier.

Glencore had ipset a dodgy 3rd party who sued Glencore. Dan Gertler, in Congo.

Glencore lost and had to pay dodgy 3rd party, who was on list of US banned people i.e no bank can trade dollars with him.

Now the 1st rule of global business is if a country or perdon is banned then you dont trade with them, no matter how hidden. All internationsl compsnies will have some dollar transaction somewhere. If you use dollars or clear dollars, no matter if you are not in the states than the Americans will come after you. Seriously.

Glencore - who are a huge, v visible company, set off to pay the crook, using rlaborate means. They wouls have been told not to psy him. They must have paid for some dodgy legsl advuce - payment was mad, dnubbing doj.

Now the DOJ are after glencores boss

Hahaha.

 

https://www.ft.com/content/32e4f8bc-7ed4-11e8-bc55-50daf11b720d

Share this post


Link to post
Share on other sites

I am surprised the shares did not collapse today.

Glencore is the company that basically signalled the commodity bottom in 2015 when it looked as if it was going bust. For a time it looked as if it would start a domino affect. So they saved it. 

Share this post


Link to post
Share on other sites
21 minutes ago, The Masked Tulip said:

I am surprised the shares did not collapse today.

Glencore is the company that basically signalled the commodity bottom in 2015 when it looked as if it was going bust. For a time it looked as if it would start a domino affect. So they saved it. 

Last vestiges of empire. Same as Anglo-American.

Share this post


Link to post
Share on other sites
10 hours ago, JackieO said:

To be clear Marc Rich Glencore's founder is dead but this sleazy guys dodgy practices no doubt became part of Glencores modus operandi...

Glencores CEO Glasenberg joined Glencore WAY BACK in 1984

1 hour ago, spygirl said:

No.

Marc Rich and Glencore are long estranged.

Aye look up thread.

Taking time out to watch the YT vid above may be of help too

 

Share this post


Link to post
Share on other sites
9 minutes ago, Roger_Mellie said:

Last vestiges of empire. Same as Anglo-American.

No.

Glencores been kicking around for ddcades.

It was only in the commodity boom w008ish tgat it leveraged up to fuck and listed.

Its very much a Swiss domiciled, London trading.

No empire about it. Bunch of rootless non Brits were rich will be in jail loons leveraging up.

Seriously, previous fu kups aside, which were only money, this fuckup is huge.

Share this post


Link to post
Share on other sites
1 minute ago, spygirl said:

No.

Glencores been kicking around for ddcades.

It was only in the commodity boom w008ish tgat it leveraged up to fuck and listed.

Its very much a Swiss domiciled, London trading.

No empire about it. Bunch of rootless non Brits were rich will be in jail loons leveraging up.

Seriously, previous fu kups aside, which were only money, this fuckup is huge. 

Sorry I cant understand you. Are you dyslexic?

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.