Rolling coverage of the latest economic and financial news, as sterling hits €1.184 for the first time since May 2017
- Latest: Glencore faces bribery investigation
- Wealth inequality in UK has risen
- Introduction: Sterling is rallying today
- Polls suggest Conservative win next week
- Fears of a disorderly Brexit are fading
Back in 2017, the Paradise Papers investigation explained how Glencore had secretly loaned $45m to Israeli billionaire Dan Gertler, after enlisting him to secure a controversial mining agreement in the Democratic Republic of the Congo.
We reported that:
..In 2009, Glencore loaned Gertler $45m with the caveat that it would be repayable if agreement with DRC authorities was not reached to secure a mining contract for a company linked to Glencore.
Gertler’s notoriety in the resource-rich but conflict-riven and corrupt DRC spans nearly two decades.
The SFO’s inquiry adds to Glencore’s problems, says Bloomberg:
The announcement worsens the legal troubles at the company, which is already being investigated by the U.S. Department of Justice for possible corruption and money-laundering in Venezuela, Nigeria and the Democratic Republic of Congo.
Shares in Glencore, the world’s biggest commodities trader, fell as much as 7.7% after it said the U.K.’s Serious Fraud Office is investigating the company for bribery https://t.co/TYEuvFvRdY #OOTT pic.twitter.com/QKWLTMfsE3