LONDON (Reuters) – The U.S. Department of Justice is seeking documents from Glencore about intermediary companies that the commodities firm has worked with in the Democratic Republic of Congo, Venezuela and Nigeria, sources familiar with the matter said.
The investigation is not directed at Glencore’s own activities or its senior executives, two sources told Reuters, giving no further detail about the type of information sought.
“The investigation focuses on intermediaries,” one source familiar with the probe said. A banker working with Glencore also said the focus was on three intermediary firms.
In mining and other extractive industries, intermediaries are firms or individuals paid a fee by producers, buyers or both for services such as brokering deals.
Glencore said on July 3 it had been subpoenaed for documents relating to its business in the three countries since 2007, sending its shares down 13 percent and leaving investors guessing about the direction of the investigation.