Two weeks after the Paradise Papers leak brought a wave of scrutiny over Glencore’s dealings in the Democratic Republic of Congo, the company is facing another scandal.
The issues stem from Katanga Mining Ltd., a Congolese copper producer owned by Glencore. The African company restated financial statements and is under investigation by Canadian regulators for its corporate governance and accounting practices.
In a major sign of how toxic the problem has become for the Swiss commodities giant, three executives including billionaire Aristotelis Mistakidis resigned from the board of Katanga.
Mistakidis is a key part of Glencore. Among management, he’s the third-biggest shareholder and longtime lieutenant to Chief Executive Office