U.K. Prosecutors’ Glencore Probe Is Perfect Retort to Critics
- Serious Fraud Office had previously rejected probe into firm
- SFO probe emerged from suspicions uncovered in different case
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First U.K. authorities were investigating Glencore Plc, and then they weren’t. On Thursday, the Serious Fraud Office jumped back in, saying it had opened a bribery probe into the mining company and some executives, sending the shares tumbling.
The bribery investigation is a remarkable turnaround, and a clear sign how aligned the U.K. agency’s new leadership is with authorities in the U.S. The probe of possible bribery by Glencore, its officials, employees, agents and others comes after the SFO decided not to open one last year, despite the protests by some of the agency’s senior staff at the time.