Sun. Sep 20th, 2020

Pound hits 31-month high against the euro on Tory win predictions – business live

Rolling coverage of the latest economic and financial news, as sterling hits €1.184 for the first time since May 2017

2.41pm GMT

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.

Related: Revealed: Glencore’s secret loan to secure DRC mining rights

Related: Paradise Papers businessman in African bribery inquiry

2.06pm GMT

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

Continue reading…Rolling coverage of the latest economic and financial news, as sterling hits €1.184 for the first time since May 2017Latest: Glencore faces bribery investigationWealth inequality in UK has risenIntroduction: Sterling is rallying todayPolls suggest Conservative win next weekFears of a disorderly Brexit are fading 2.41pm GMTBack 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. Related: Revealed: Glencore’s secret loan to secure DRC mining rights Related: Paradise Papers businessman in African bribery inquiry 2.06pm GMTThe 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 Continue reading…

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