Trafigura nickel fraud would not happen at Glencore, CEO says nickel trading commodities fraud
Glencore has no exposure to the Indian businessman accused by rival Trafigura Group of perpetrating a nickel fraud of more than half a billion dollars.told journalists on Wednesday. “So we do not have any exposure to that group.”and companies connected to him of perpetrating a “systematic fraud” against it, after finding that nickel cargoes it had bought from him in fact contained no nickel.
In a dig at Glencore’s longstanding rival, Nagle said that his company’s controls meant that he could be sure it would not be hit by a similar situation.“We have very strong controls and systems in the company, and we are very confident that an incident like that would not be able to happen at Glencore,” he said.
Court filings showed that shortcomings in Trafigura’s controls meant it paid Gupta’s companies hundreds of millions of dollars for cargoes of nickel without always having insisted on certificates verifying the contents, Bloomberg reported earlier this week. The trading house believes it’s likely that none of the 1,104 containers it bought from Gupta actually has any nickel inside.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NewRange owners Teck and PolyMet commit $170m initial works budgetThe development of the NorthMet copper and nickel mine in Minnesota is set to gain further momentum, with the project – on the cards for almost two decades – now under a new joint venture (JV) that links the expertise, experience and financial resources of PolyMet, Teck Resources and Glencore. NewRange Copper and Nickel JV, which closed on Wednesday, is the owner of the NorthMet and Mesaba projects. These projects are two of the biggest undeveloped clean energy mineral resources in the US, containing high-demand copper, nickel, cobalt and platinum group metals (PGMs).
Read more »
Citi analyst cuts price targets for copper, zinc and nickelDaily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
Read more »
Oil and mining giant Glencore posts record profit for 2022Glencore said that it will pay out more than $7-billion to shareholders as it rode a spike in demand for oil and natural gas after Russia invaded Ukraine
Read more »
As a CEO, I lead by evolving, experimenting and embracing technologyNew technology provides opportunities for leaders and employees to engage, create and support the public good
Read more »
Suncor Energy posts 76% jump in profit as investors await update on CEO searchSuncor said higher oil prices and increased production helped drive the rise in profits. Read more
Read more »
Canada's Outstanding CEO of the Year: Royal Bank of Canada’s Dave McKayRBC CEO Dave McKay is dedicated to advancing Canadian interests and a champion of issues like climate change and youth employment. Read more
Read more »