Glencore Accused by Investors of Corruption Cover-Up, FT Reports

--Glencore has been accused by a group of investors of making misleading statements to cover up corrupt activities, the Financial Times reports.

--Nearly 200 funds, who currently hold more than 3.7 billion pounds ($4.7 billion) in the Anglo-Swiss commodity miner, have alleged that they suffered losses after buying shares in the company at the time of its listing on the London Stock Exchange in 2011 and its merger with Xstrata in 2013 due to untrue statements and omissions in the prospectuses related to both events, the FT reports.

--The legal action follows Glencore's admission of bribery and market manipulation in 2022.

--Glencore declined to comment when contacted by Dow Jones Newswires.

Full story: https://tinyurl.com/3e24uw4c

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

August 31, 2023 06:01 ET (10:01 GMT)

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