Glencore suspected of money laundering

Glencore has been subpoenaed by the U.S. Department of Justice to hand over documents related to the Foreign Corrupt Practices Act and the U.S. money laundering statutes, Bloomberg reports.

The documents relate to the company’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to the present. The shares plunged as much as 13 percent.

The announcement has knocked GBP 5.5 billion (USD 7.3 billion) off Glencore’s market value, about half the USD 14.8 billion of profit the company made last year.

Previously it was reported that the Ukrainian subsidiary of Glencore was about to start the construction of a new railroad sidetrack.