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| Glencore shares plunged after it received the subpoena from US authorities - REUTERS |
Shares in Glencore suffered their sharpest fall in over two years after the mining giant received a subpoena from the US Department of Justice demanding documents relating to possible corruption and money laundering.
The FTSE 100 company admitted that the documents requested by US authorities are regarding the company's activities in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to the present day. The subpoena sent the global miner's shares sliding 12pc to a one-year low.
City analysts warned that Glencore could face a lengthy probe and a huge fine. Department of Justice investigations typically take over fours years to complete and the largest fine handed to a company under a Foreign Corrupt Practices Act probe was $965m to Telia in 2017, Barclays noted.
By Tom Rees.
Full story at Yahoo News.
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