Glencore chairman leads bribery investigation
Wednesday, July 11, 2018 at 12:08PM
Harry Cassin in BP, Canada, Deepwater Horizon, FCPA Tracker, Glencore, Kinross, Ontario Securities Commission, Tony Hayward

Glencore Chairman Tony HaywardThe chairman of Swiss-headquartered mining company Glencore plc and two other directors formed a new committee to respond to the DOJ’s subpoena related to compliance with the FCPA and money laundering laws.

Non-executive chairman Tony Hayward and independent directors Leonhard Fischer and Patrice Merrin make up the committee, the company said Wednesday.

The DOJ subpoena requested documents related to Glencore's business "in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to present."

Last week the company confirmed it received a DOJ subpoena targeting FCPA compliance.

In November 2017, Glencore disclosed an investigation by the Ontario Securities Commission (OSC) about a subsidiary's "corporate governance practices," according to data from FCPA Tracker.

The OSC investigation also covered risk disclosure "in connection with applicable requirements under certain international bribery, government payment and anti-corruption laws," the 2017 statement said.

Hayward, 61, a UK citizen, became the CEO of BP in 2007. He held the position when the Deepwater Horizon disaster occurred in April 2010. He left BP later that year.

In Wednesday's statement, Hayward said Glencore "takes ethics and compliance seriously throughout the Group."

The company will cooperate with the DOJ, Hayward said.

In March of this year Canadian mining company Kinross Gold Corporation settled FCPA charges brought by the SEC and paid a civil penalty of $950,000.

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Harry Cassin is the managing editor of the FCPA Blog.

Article originally appeared on The FCPA Blog (http://www.fcpablog.com/).
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