Glencore cooperates extensively to resolve investigations against company
As previously disclosed, Glencore is 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 UK Serious Fraud Office and the Brazilian Federal Prosecutor’s Office. Glencore has been cooperating extensively with the various authorities in order to resolve these investigations as expeditiously as possible.
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., UK and Brazilian investigations in 2022.
Accordingly, and based on the Company’s current information and understanding, the Group has raised a provision as at 31 December 2021 in the amount of $1,500 million representing the Company’s current best estimate of the costs to resolve these investigations.
The U.S. resolutions are expected to cover separate investigations into bribery and market manipulation. The resolution of the other investigations into the Group is not included within this provision and they remain ongoing. We will provide further updates on the investigations at the appropriate time.