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4-Traders Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Glencore PLC    GLNJ   JE00B4T3BW64

GLENCORE PLC (GLNJ)
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Glencore Forms Committee to Oversee Response to DOJ's Subpoena

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07/11/2018 | 09:39am CEST

By Oliver Griffin

Glencore said Wednesday that Non-Executive Chairman Tony Hayward, the former CEO of BP, is heading a new board committee to oversee the company's response to a subpoena by the U.S. Department of Justice.

On July 3 the Anglo-Swiss miner received a subpoena from the Justice Department relating to its compliance with the U.S. Foreign Corrupt Practices Act and money-laundering statutes. The company was asked to produce documents concerning Glencore's business in Nigeria, the Congo and Venezuela from 2007 to present.

As well as Mr. Hayward, the committee will comprise of Leonhard Fischer and Patrice Merrin, both of whom are independent non-executive directors at the company.

Mr. Hayward said the company would be cooperating with the department and that Glencore "takes ethics and compliance seriously throughout the group."

Shares at 0717 GMT were down 4% at 314.95 pence.

Write to Oliver Griffin at [email protected]

Stocks mentioned in the article
ChangeLast1st jan.
BP -0.46% 567.3 Delayed Quote.8.53%
GLENCORE -1.61% 311.65 Delayed Quote.-20.09%
GLENCORE PLC -1.33% 54.9 End-of-day quote.-15.51%
SILVER 1.15% 15.495 Delayed Quote.-9.45%
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Financials ($)
Sales 2018 239 B
EBIT 2018 11 165 M
Net income 2018 7 139 M
Debt 2018 22 467 M
Yield 2018 5,00%
P/E ratio 2018 8,49
P/E ratio 2019 8,90
EV / Sales 2018 0,34x
EV / Sales 2019 0,33x
Capitalization 59 452 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 5,74 $
Spread / Average Target 40%
EPS Revisions
Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
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