Glencore to Appear in Court in US, UK Concerning Regulatory Investigations

By Anthony O. Goriainoff

Glencore PLC said Tuesday that it will appear in court in the U.S. and the U.K. later today in connection with regulatory investigations and proposed resolutions of the relevant investigations in both countries.

The London-listed commodity mining and trading giant said that it will issue an announcement following the conclusion of the court hearings.

In February, the company said it was subject to a number of investigations by regulatory and enforcement authorities including the U.S. Department of Justice, the U.S. Commodity Futures Trading Commission, the U.K. Serious Fraud Office and the Brazilian Federal Prosecutor's Office.

It said it had raised a provision of $1.5 billion as at Dec. 31, 2021 as this represented its best estimate of the costs to be incurred to resolve those investigations.

"While Glencore cannot forecast with certainty the cost, extent, timing or terms of the outcomes of the investigations, the company presently expects to resolve the U.S., U.K. and Brazilian investigations in 2022," it said at the time.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

May 24, 2022 10:04 ET (14:04 GMT)

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