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"The company will cooperate with the DOJ"

Diversified miner and commodities trader Glencore (LSE: GLEN) has set up a board committee, including chairman Tony Hayward, to oversee the company’s response to the US Department of Justice.
"The company will cooperate with the DOJ" "The company will cooperate with the DOJ" "The company will cooperate with the DOJ" "The company will cooperate with the DOJ" "The company will cooperate with the DOJ"

Glencore chairman Tony Hayward

Staff reporter

The DOJ demanded documents last week, relating to Glencore's business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to the present.

Glencore said the subpoena was in respect to compliance with the Foreign Corrupt Practices Act and US money laundering statutes.

Last week's news had sent Glencore's share price tumbling, a fall that was partially reversed when the company announced a share buyback programme of up to US$1 billion two days later.
 
The committee comprises independent non-executive directors Leonhard Fischer and Patrice Merrin, and Hayward, who said Glencore took "ethics and compliance seriously throughout the group".

"The company will cooperate with the DOJ, while continuing to focus on our business and seeking to maximise the value we create for our diverse stakeholders in a responsible and transparent manner," he said.

Glencore shares closed within a couple of pence of a 12-month low yesterday, down 4.8% to £3.11.

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