- Write by:
-
Friday, February 17, 2023 - 15:35:00
-
252 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
![Whitehaven Coal sees higher prices on disruptions](/Incsys/Photo.aspx?image=/Uploads/News/20240723142535752.jpg&width=236&height=180)
Australia’s Whitehaven Coal said it expected higher prices for steelmaking coal in the near and medium term due to ...
![Copper price set for worst week since 2022 as China Plenum disappoints](/Incsys/Photo.aspx?image=/Uploads/News/20240723142415052.jpeg&width=236&height=180)
Copper prices have retreated from a record in May on concerns about the strength of demand in China, where growth was ...
![Wildfires erupt in Canada crude patch in threat to oil sands](/Incsys/Photo.aspx?image=/Uploads/News/20240723142149539.jpg&width=236&height=180)
Hot and dry weather is spawning dozens of new wildfires across Alberta, with blazes threatening more than 400,000 ...
![Copper output from Codelco this year to top 2023, chairman says](/Incsys/Photo.aspx?image=/Uploads/News/20240723141842581.jpg&width=236&height=180)
Codelco chairman Maximo Pacheco said on Thursday that the state-run copper giant expects production this year to outdo ...
![China copper smelters eye more output cuts as raw material supply tightens](/Incsys/Photo.aspx?image=/Uploads/News/20240723141202374.jpeg&width=236&height=180)
A shortage of copper concentrate this year has forced a few smelters in China to cut output, and more curtailments could ...
![Mercedes, Stellantis in talks to back Serbia’s lithium plans](/Incsys/Photo.aspx?image=/Uploads/News/20240723140454191.jpg&width=236&height=180)
Mercedes-Benz Group AG and Stellantis NV are in discussions with Serbia’s government to invest in lithium-processing and ...
![China copper smelters plan to cut output after margins fall](/Incsys/Photo.aspx?image=/Uploads/News/20240723135544917.jpg&width=236&height=180)
Two Chinese copper smelters have laid out plans to reduce production next year as an imbalance between mine supply and ...
![Copper price edges down to two-week low amid demand uncertainty](/Incsys/Photo.aspx?image=/Uploads/News/20240723135256664.jpeg&width=236&height=180)
Copper edged down to a two-week low in choppy trading, amid uncertainty over supply and demand in China and weakness in ...
![Antofagasta expects 2024 copper output at low end of yearly forecast](/Incsys/Photo.aspx?image=/Uploads/News/20240723135052294.jpg&width=236&height=180)
Chilean miner Antofagasta said on Wednesday it expects full-year copper output at the lower end of its 670,000 to ...
No comments have been posted yet ...