ANTI CORRUPTION

Battles of influence around Glencore, already in the clutches of the DoJ

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As it con­tin­ues to deal with the fall­out of the DoJ probe, the giant trad­ing house has to face mys­te­ri­ous “whistle­blow­ers”, while high-lev­el raiders get ready to swoop in.

The probe opened into Glencore in July 2018 is a vast­ly com­plex file but one that Intelligence Online under­stands the US Department of Justice (DoJ) inves­ti­ga­tors are deter­mined to see through to the end.

To date, their inves­ti­ga­tions have only cov­ered the group’s fail­ure to com­ply with anti-cor­rup­tion pro­ce­dures in three coun­tries: Venezuela, Nigeria and Demo-crat­ic Republic of Congo (DRC). As dur­ing the heights of the Ablyazov inves­ti­ga­tion, a lot of British cor­po­rate intel­li­gence firms are on the case.

Other than infor­ma­tion already drawn out about the three coun­tries, some stake­hold­ers are try­ing to push the DoJ to extend the probe to oth­er coun­tries where Glencore could have breached anti-cor­rup­tion laws, par­tic­u­lar­ly in Kazakhstan. Internal finan­cial doc­u­ments of the trad­er were recent­ly leaked on an anony-mous site host­ed by the Wix plat­form, duly pre­sent­ed as the work of a “whistle­blow­er”.

The doc­u­ments, which Intelligence Online was able to con­sult, con­tain
finan­cial state­ments of KazZinc, Kazakhstan’s for­mer State-owned min­ing firm, now part­ly owned by Glencore.

More inter­est­ing­ly, cer­tain doc­u­ments, includ­ing a pri­vate inves­ti­ga­tion report, clear­ly aim to point those read­ing the files — jour­nal­ists and

the DoJ inves­ti­ga­tors — in the direc­tion of Glencore’s for­mer part­ner in this coun­try, the oli­garch Bulat Utemuratov. The report com­pares the lat­ter to busi­ness­man Dan Gertler, a com­par­i­son that is far from acci­den­tal. Gertler is Glencore’s DRC’s busi­ness part­ner and it is pre­cise­ly because Glencore is sus­pect­ed of ignor­ing sus­pi­cions of cor­rup­tion regard­ing Gertler that it is cur­rent­ly under the DoJ laser.

Will the leak, which bare­ly holds water but has proven to be effec­tive in sev­er­al old­er cas­es ( IOL 791), work on the DoJ inves­ti­ga­tors? The doc­u­ments are a rehash of argu­ments char­ac­ter­is­ti­cal­ly made against Utemuratov and post­ed on web plat­forms reg­u­lar­ly used to defend the inter­ests of his arch­en­e­my Patokh Chodiev

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