- Write by:
-
Friday, February 17, 2023 - 15:35:00
-
225 Visit
-
Print
Mining News Pro - Glencore is facing a fresh lawsuit in the UK related to alleged losses to shareholders resulting from the mining and commodities trader’s involvement in bribery.
Legal & General Group filed claims against Glencore on January 10 in London’s High Court, adding to several lawsuits brought by investors since the company paid about $1.5 billion to settle long-dragged out probes in the US, Brazil and the UK.
Details of the claim are yet to be filed or made public, but sources familiar with the matter told FT.com the case centred on the consequences of Glencore’s pleading guilty to allegations of market manipulation and bribery.
The news comes as Glencore reported this week adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of $34.1 billion, a 60% increase from a previous record of $21.3 billion in 2022.
The Swiss company also announced it would return more than $7 billion to shareholders in dividends and buybacks.
The UK Serious Fraud Office forced the miner and commodities trader last year to pay $308 million for bribing its way across Africa.
Glencore, which is also subject to investigations from Swiss and Dutch authorities, has said the timing of those probes remains uncertain but would expect any possible resolution to avoid duplicate penalties for the same conduct.
Short Link:
https://www.miningnews.ir/En/News/622685
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
A Russian arbitration court ruled on Monday that four units of Swiss commodities trader Glencore will pay more than 11.4 ...
A Native American group has asked all members of a US appeals court on Monday to overturn an earlier ruling that granted ...
Codelco is exploring more partnerships with the private sector as Chile’s state copper behemoth looks to recover from a ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
The world’s coal-fired power capacity grew 2% last year, its highest annual increase since 2016, driven by new builds in ...
Peabody Energy Corp. shares sunk to the lowest in seven months after the biggest US coal miner warned that first-quarter ...
No comments have been posted yet ...