New Glencore scandal: First Paradise Papers, now graft stench hovers over executives

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.

Swiss commodities trader Glencore’s logo is seen in front of its headquarters in Baar, near Zurich, in this February 6, 2012 file photo. REUTERS/Romina Amato/Files

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

... read more at: https://www.biznews.com/wealth-building/2017/11/21/glencore-scandal-paradise-papers-graft/

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