8chan/8kun QResearch Posts (18)
#16487380 at 2022-06-22 07:51:33 (UTC+1)
Q Research General #20858: Victory Ebake Round 3 STILL WINNING Edition
Glencore pleads guilty to bribery related to African oil operations
Last month, Glencore said it would pay a $1.1bn (?900m) US settlement, and indicated it would plead guilty in the UK.
https://www.theguardian.com/business/2022/jun/21/glencore-african-oil-operations
Bribery Scandal To Cost Glencore $1.1 Billion, While Billionaire Execs Avoid Blame-For Now
May 26, 2022, 11:44am
https://www.forbes.com/sites/christopherhelman/2022/05/26/bribery-scandal-to-cost-glencore-11b—billionaire-execs-avoid-blame-for-now/
Glencore Entered Guilty Pleas to Foreign Bribery and Market Manipulation Schemes
Swiss-Based Firm Agrees to Pay Over $1.1 Billion
Glencore International A.G. (Glencore) and Glencore Ltd., both part of a multi-national commodity trading and mining firm headquartered in Switzerland, each pleaded guilty today and agreed to pay over $1.1 billion to resolve the government's investigations into violations of the Foreign Corrupt Practices Act (FCPA) and a commodity price manipulation scheme.
These guilty pleas are part of coordinated resolutions with criminal and civil authorities in the United States, the United Kingdom, and Brazil.
May 24, 2022
https://www.justice.gov/opa/pr/glencore-entered-guilty-pleas-foreign-bribery-and-market-manipulation-schemes
Head of Glencore's agriculture business to retire after 17 years
May 23 2019
https://www.ft.com/content/5cafe4c4-7d78-11e9-81d2-f785092ab560
A secretive multinational company worth billions, whose founder turned fugitive was pardoned by a president.
An Israeli diamond tycoon, rumoured to be the inspiration for a Hollywood blockbuster.
And a struggling African nation, blessed and burdened by natural resources, riven by war and corruption.
Behind the black letters of the Paradise Papers lies a world of extraordinary colour.
the unique ability of companies linked to Gertler to win cut-price mining licences and agreements in DRC cost the country more than $[1.3]bn, almost twice the nation's combined health and education budgets, in [one] [three]-year period alone
But the Paradise Papers cast new light on background dealings between Gertler and Glencore that appear to have saved them hundreds of millions of dollars - money lost to DRC and its people.
The papers reveal some of the complexity of Glencore's global operations and the breadth of its reach. Glencore is the largest commodity trader in the world and the biggest supplier of zinc and cobalt. The fruits of its products are used every day by millions, including anyone who drives a car or makes a call on a smartphone.
https://www.theguardian.com/business/2017/nov/05/the-inside-story-of-glencore-hidden-dealings-in-drc
it's important to understand what trouble at Glencore means because of the huge size of the company's debt pile, banks' exposure to it and its role in the world economy as a producer and trader of more than 90 commodities.
So here's an explainer of Glencore's mess is and how it got there.
The story starts with Belgian-born commodities billionaire Marc Rich, who, in 1974, circumvented the Arab oil embargo to buy oil from Iran and Iraq for $12 a barrel and sell it for a huge profit to US companies.
In 1983, Marc Rich was indicted in the U.S. by then-U.S. prosecutor Rudolph Giuliani for multiple criminal activities including tax-evasion, racketeering and embargo breaches.
In 1993, Rich lost $172 million and control of his firm in a failed attempt to dominate the market for zinc. After a management buy-out, Marc Rich + Co AG was reborn as Glencore in 1994. Willy Strothotte became CEO.
In 2001, Marc Rich was controversially pardoned by Bill Clinton on his last day as US president. It later emerged that Denise Rich, Marc Rich's wife, made a $1 million donation to the Democrat party.
In 2013, Glencore completed its merger with mining company Xstrata. The deal, which took 450 days, created a company with 190,000 employees in 50 countries and more ships than the British navy. Glencore CEO Ivan Glasenberg took the helm of the new firm.
Marc Rich died in the same year.
Oct 7, 2015
https://www.businessinsider.com/glencores-history-and-what-happened-to-the-company-2015-10
#14516058 at 2021-09-03 21:48:23 (UTC+1)
Q Research General #18363: It´s Gonna Be Biblical Edition
2/2
>>14512382 Japan's Suga to resign as prime minister
>>14512391 Dems accuse AG Brnovich of putting tax dollars at risk over political moves
>>14512410 Wendy Rogers, DEMAND FORENSIC AUDIT AND CANVASS
>>14512415 Sailors and Marines Have 90 Days to Get Vaccinated or Face Punishment
>>14512430 Posted For Archive And Later Research - Switzerland Ties Glencore - Ivan Glasenberg owns 8.4% of Glencore
>>14512467, >>14512567 CALIFORNIA ELECTION FUCKERY 'Security experts' call for rigorous audit of upcoming California recall election, citing increased risk from software breach
>>14512464 'Tell me one thing' the Biden administration has done successfully: Jim Jordan (3:10)
>>14512503 Chinese Man Arrested for Refusing Vaccine
>>14512536 SenFeinstein tweeted 4 hours ago the amount of tweets on this 'verified account' looks like a bot?
>>14512512 Daffney Unger, former professional wrestler, dead at 46 chronic traumatic encephalopathy?
>>14512516 Lincoln Project Co-Founder Calls Laura Loomer Anti-Semitic Slur, She Fires Back With Question About His 'Pedophile Coworkers'
>>14512563 South Australian health authorities say they are stunned a person booked a COVID-19 vaccination appointment 40 times, blocking dozens of other people from receiving a dose
>>14512615 PDJT Endorsement of Herschel Walker Endorsement of Burt Jones
>>14512625 Boulder County reinstates indoor mask mandate effective Friday at 5 p.m.
>>14512630 South Australia residents will reportedly be forced to download a quarantine app that randomly requires picture proving they are at home
>>14512636 New York just abolished both medical and religious exemptions (which it previously had) when it passed SB 2164
>>14512658 Australian police HUNT DOWN "covid fugitives" as if they're violent criminals
>>14512662 Grassley Tweet Final Stage of Maturity The Corn Kernels Comms
>>14512663 Red Cross Blood Donations eligibility rules
>>14512678 GOP Freedom Caucus Wants Liz Cheney And Adam Kinzinger Booted From Republican Party
>>14512696 #18358
Previously Collected
>>14510356 #18355, >>14511141 #18356, >>14511895 #18357
>>14509316 #18352, >>14509352 #18353, >>14509432 #18354
>>14506158 #18349, >>14506335 #18350, >>14507086 #18351
>>14503170 #18346, >>14504039 #18347, >>14504724 #18348
>>14500462 #18343, >>14501275 #18344, >>14501753 #18345
>>14499461 #18340, >>14499462 #18341, >>14499703 #18342
>>14495781 #18337, >>14496578 #18338, >>14497366 #18339
>>14493947 #18334, >>14494264 #18335, >>14495016 #18336
>>14491104 #18331, >>14491825 #18332, >>14492670 #18333
>>14488771 #18328, >>14489526 #18329, >>14490301 #18330
>>14488199 #18325, >>14488447 #18326, >>14488610 #18327
>>14484731 #18322, >>14484863 #18323, >>14485663 #18324
>>14482183 #18319, >>14482332 #18320, >>14483104 #18321
>>14479045 #18316, >>14479798 #18317, >>14481742 #18318
>>14485268 #18313, >>14477400 #18314, >>14478151 #18315
>>14474286 #18310, >>14475051 #18311, >>14475876 #18312
>>14471893 #18307, >>14472866 #18308, >>14473522 #18309
>>14469529 #18304, >>14470346 #18305, >>14471121 #18306
Aggregators: https://qnotables.com | https://anontimes.com/
>>14137057 Q Research Notables #8
#14515264 at 2021-09-03 18:55:43 (UTC+1)
Q Research General #18362: EBake New Hand
2/2
>>14512382 Japan's Suga to resign as prime minister
>>14512391 Dems accuse AG Brnovich of putting tax dollars at risk over political moves
>>14512410 Wendy Rogers, DEMAND FORENSIC AUDIT AND CANVASS
>>14512415 Sailors and Marines Have 90 Days to Get Vaccinated or Face Punishment
>>14512430 Posted For Archive And Later Research - Switzerland Ties Glencore - Ivan Glasenberg owns 8.4% of Glencore
>>14512467, >>14512567 CALIFORNIA ELECTION FUCKERY 'Security experts' call for rigorous audit of upcoming California recall election, citing increased risk from software breach
>>14512464 'Tell me one thing' the Biden administration has done successfully: Jim Jordan (3:10)
>>14512503 Chinese Man Arrested for Refusing Vaccine
>>14512536 SenFeinstein tweeted 4 hours ago the amount of tweets on this 'verified account' looks like a bot?
>>14512512 Daffney Unger, former professional wrestler, dead at 46 chronic traumatic encephalopathy?
>>14512516 Lincoln Project Co-Founder Calls Laura Loomer Anti-Semitic Slur, She Fires Back With Question About His 'Pedophile Coworkers'
>>14512563 South Australian health authorities say they are stunned a person booked a COVID-19 vaccination appointment 40 times, blocking dozens of other people from receiving a dose
>>14512615 PDJT Endorsement of Herschel Walker Endorsement of Burt Jones
>>14512625 Boulder County reinstates indoor mask mandate effective Friday at 5 p.m.
>>14512630 South Australia residents will reportedly be forced to download a quarantine app that randomly requires picture proving they are at home
>>14512636 New York just abolished both medical and religious exemptions (which it previously had) when it passed SB 2164
>>14512658 Australian police HUNT DOWN "covid fugitives" as if they're violent criminals
>>14512662 Grassley Tweet Final Stage of Maturity The Corn Kernels Comms
>>14512663 Red Cross Blood Donations eligibility rules
>>14512678 GOP Freedom Caucus Wants Liz Cheney And Adam Kinzinger Booted From Republican Party
>>14512696 #18358
Previously Collected
>>14510356 #18355, >>14511141 #18356, >>14511895 #18357
>>14509316 #18352, >>14509352 #18353, >>14509432 #18354
>>14506158 #18349, >>14506335 #18350, >>14507086 #18351
>>14503170 #18346, >>14504039 #18347, >>14504724 #18348
>>14500462 #18343, >>14501275 #18344, >>14501753 #18345
>>14499461 #18340, >>14499462 #18341, >>14499703 #18342
>>14495781 #18337, >>14496578 #18338, >>14497366 #18339
>>14493947 #18334, >>14494264 #18335, >>14495016 #18336
>>14491104 #18331, >>14491825 #18332, >>14492670 #18333
>>14488771 #18328, >>14489526 #18329, >>14490301 #18330
>>14488199 #18325, >>14488447 #18326, >>14488610 #18327
>>14484731 #18322, >>14484863 #18323, >>14485663 #18324
>>14482183 #18319, >>14482332 #18320, >>14483104 #18321
>>14479045 #18316, >>14479798 #18317, >>14481742 #18318
>>14485268 #18313, >>14477400 #18314, >>14478151 #18315
>>14474286 #18310, >>14475051 #18311, >>14475876 #18312
>>14471893 #18307, >>14472866 #18308, >>14473522 #18309
>>14469529 #18304, >>14470346 #18305, >>14471121 #18306
Aggregators: https://qnotables.com | https://anontimes.com/
>>14137057 Q Research Notables #8
#14514383 at 2021-09-03 15:27:23 (UTC+1)
Q Research General #18361: I SD AUDITS!!! Edition
2/2
>>14512382 Japan's Suga to resign as prime minister
>>14512391 Dems accuse AG Brnovich of putting tax dollars at risk over political moves
>>14512410 Wendy Rogers, DEMAND FORENSIC AUDIT AND CANVASS
>>14512415 Sailors and Marines Have 90 Days to Get Vaccinated or Face Punishment
>>14512430 Posted For Archive And Later Research - Switzerland Ties Glencore - Ivan Glasenberg owns 8.4% of Glencore
>>14512467, >>14512567 CALIFORNIA ELECTION FUCKERY 'Security experts' call for rigorous audit of upcoming California recall election, citing increased risk from software breach
>>14512464 'Tell me one thing' the Biden administration has done successfully: Jim Jordan (3:10)
>>14512503 Chinese Man Arrested for Refusing Vaccine
>>14512536 SenFeinstein tweeted 4 hours ago the amount of tweets on this 'verified account' looks like a bot?
>>14512512 Daffney Unger, former professional wrestler, dead at 46 chronic traumatic encephalopathy?
>>14512516 Lincoln Project Co-Founder Calls Laura Loomer Anti-Semitic Slur, She Fires Back With Question About His 'Pedophile Coworkers'
>>14512563 South Australian health authorities say they are stunned a person booked a COVID-19 vaccination appointment 40 times, blocking dozens of other people from receiving a dose
>>14512615 PDJT Endorsement of Herschel Walker Endorsement of Burt Jones
>>14512625 Boulder County reinstates indoor mask mandate effective Friday at 5 p.m.
>>14512630 South Australia residents will reportedly be forced to download a quarantine app that randomly requires picture proving they are at home
>>14512636 New York just abolished both medical and religious exemptions (which it previously had) when it passed SB 2164
>>14512658 Australian police HUNT DOWN "covid fugitives" as if they're violent criminals
>>14512662 Grassley Tweet Final Stage of Maturity The Corn Kernels Comms
>>14512663 Red Cross Blood Donations eligibility rules
>>14512678 GOP Freedom Caucus Wants Liz Cheney And Adam Kinzinger Booted From Republican Party
>>14512696 #18358
Previously Collected
>>14510356 #18355, >>14511141 #18356, >>14511895 #18357
>>14509316 #18352, >>14509352 #18353, >>14509432 #18354
>>14506158 #18349, >>14506335 #18350, >>14507086 #18351
>>14503170 #18346, >>14504039 #18347, >>14504724 #18348
>>14500462 #18343, >>14501275 #18344, >>14501753 #18345
>>14499461 #18340, >>14499462 #18341, >>14499703 #18342
>>14495781 #18337, >>14496578 #18338, >>14497366 #18339
>>14493947 #18334, >>14494264 #18335, >>14495016 #18336
>>14491104 #18331, >>14491825 #18332, >>14492670 #18333
>>14488771 #18328, >>14489526 #18329, >>14490301 #18330
>>14488199 #18325, >>14488447 #18326, >>14488610 #18327
>>14484731 #18322, >>14484863 #18323, >>14485663 #18324
>>14482183 #18319, >>14482332 #18320, >>14483104 #18321
>>14479045 #18316, >>14479798 #18317, >>14481742 #18318
>>14485268 #18313, >>14477400 #18314, >>14478151 #18315
>>14474286 #18310, >>14475051 #18311, >>14475876 #18312
>>14471893 #18307, >>14472866 #18308, >>14473522 #18309
>>14469529 #18304, >>14470346 #18305, >>14471121 #18306
Aggregators: https://qnotables.com | https://anontimes.com/
>>14137057 Q Research Notables #8
#14513525 at 2021-09-03 11:05:31 (UTC+1)
Q Research General #18360: Our Enemy Loses Power When Our Minds Are Free To Think Edition
#18358
2/2
>>14512382 Japan's Suga to resign as prime minister
>>14512391 Dems accuse AG Brnovich of putting tax dollars at risk over political moves
>>14512410 Wendy Rogers, DEMAND FORENSIC AUDIT AND CANVASS
>>14512415 Sailors and Marines Have 90 Days to Get Vaccinated or Face Punishment
>>14512430 Posted For Archive And Later Research - Switzerland Ties Glencore - Ivan Glasenberg owns 8.4% of Glencore
>>14512467, >>14512567 CALIFORNIA ELECTION FUCKERY 'Security experts' call for rigorous audit of upcoming California recall election, citing increased risk from software breach
>>14512464 'Tell me one thing' the Biden administration has done successfully: Jim Jordan (3:10)
>>14512503 Chinese Man Arrested for Refusing Vaccine
>>14512536 SenFeinstein tweeted 4 hours ago the amount of tweets on this 'verified account' looks like a bot?
>>14512512 Daffney Unger, former professional wrestler, dead at 46 chronic traumatic encephalopathy?
>>14512516 Lincoln Project Co-Founder Calls Laura Loomer Anti-Semitic Slur, She Fires Back With Question About His 'Pedophile Coworkers'
>>14512563 South Australian health authorities say they are stunned a person booked a COVID-19 vaccination appointment 40 times, blocking dozens of other people from receiving a dose
>>14512615 PDJT Endorsement of Herschel Walker Endorsement of Burt Jones
>>14512625 Boulder County reinstates indoor mask mandate effective Friday at 5 p.m.
>>14512630 South Australia residents will reportedly be forced to download a quarantine app that randomly requires picture proving they are at home
>>14512636 New York just abolished both medical and religious exemptions (which it previously had) when it passed SB 2164
>>14512658 Australian police HUNT DOWN "covid fugitives" as if they're violent criminals
>>14512662 Grassley Tweet Final Stage of Maturity The Corn Kernels Comms
>>14512663 Red Cross Blood Donations eligibility rules
>>14512678 GOP Freedom Caucus Wants Liz Cheney And Adam Kinzinger Booted From Republican Party
>>14512696 #18358
#14512707 at 2021-09-03 04:41:46 (UTC+1)
Q Research General #18359: Grassley Final Stage of Maturity, The Corn Kernels Comms Edition
2/2
>>14512382 Japan's Suga to resign as prime minister
>>14512391 Dems accuse AG Brnovich of putting tax dollars at risk over political moves
>>14512410 Wendy Rogers, DEMAND FORENSIC AUDIT AND CANVASS
>>14512415 Sailors and Marines Have 90 Days to Get Vaccinated or Face Punishment
>>14512430 Posted For Archive And Later Research - Switzerland Ties Glencore - Ivan Glasenberg owns 8.4% of Glencore
>>14512467, >>14512567 CALIFORNIA ELECTION FUCKERY 'Security experts' call for rigorous audit of upcoming California recall election, citing increased risk from software breach
>>14512464 'Tell me one thing' the Biden administration has done successfully: Jim Jordan (3:10)
>>14512503 Chinese Man Arrested for Refusing Vaccine
>>14512536 SenFeinstein tweeted 4 hours ago the amount of tweets on this 'verified account' looks like a bot?
>>14512512 Daffney Unger, former professional wrestler, dead at 46 chronic traumatic encephalopathy?
>>14512516 Lincoln Project Co-Founder Calls Laura Loomer Anti-Semitic Slur, She Fires Back With Question About His 'Pedophile Coworkers'
>>14512563 South Australian health authorities say they are stunned a person booked a COVID-19 vaccination appointment 40 times, blocking dozens of other people from receiving a dose
>>14512615 PDJT Endorsement of Herschel Walker Endorsement of Burt Jones
>>14512625 Boulder County reinstates indoor mask mandate effective Friday at 5 p.m.
>>14512630 South Australia residents will reportedly be forced to download a quarantine app that randomly requires picture proving they are at home
>>14512636 New York just abolished both medical and religious exemptions (which it previously had) when it passed SB 2164
>>14512658 Australian police HUNT DOWN "covid fugitives" as if they're violent criminals
>>14512662 Grassley Tweet Final Stage of Maturity The Corn Kernels Comms
>>14512663 Red Cross Blood Donations eligibility rules
>>14512678 GOP Freedom Caucus Wants Liz Cheney And Adam Kinzinger Booted From Republican Party
>>14512696 #18358
#14512696 at 2021-09-03 04:40:04 (UTC+1)
Q Research General #18358: Wisconsin To Begin Audit Of 2020 Presidential Election Results Edition
2/2
>>14512382 Japan's Suga to resign as prime minister
>>14512391 Dems accuse AG Brnovich of putting tax dollars at risk over political moves
>>14512410 Wendy Rogers, DEMAND FORENSIC AUDIT AND CANVASS
>>14512415 Sailors and Marines Have 90 Days to Get Vaccinated or Face Punishment
>>14512430 Posted For Archive And Later Research - Switzerland Ties Glencore - Ivan Glasenberg owns 8.4% of Glencore
>>14512467, >>14512567 CALIFORNIA ELECTION FUCKERY 'Security experts' call for rigorous audit of upcoming California recall election, citing increased risk from software breach
>>14512464 'Tell me one thing' the Biden administration has done successfully: Jim Jordan (3:10)
>>14512503 Chinese Man Arrested for Refusing Vaccine
>>14512536 SenFeinstein tweeted 4 hours ago the amount of tweets on this 'verified account' looks like a bot?
>>14512512 Daffney Unger, former professional wrestler, dead at 46 chronic traumatic encephalopathy?
>>14512516 Lincoln Project Co-Founder Calls Laura Loomer Anti-Semitic Slur, She Fires Back With Question About His 'Pedophile Coworkers'
>>14512563 South Australian health authorities say they are stunned a person booked a COVID-19 vaccination appointment 40 times, blocking dozens of other people from receiving a dose
>>14512615 PDJT Endorsement of Herschel Walker Endorsement of Burt Jones
>>14512625 Boulder County reinstates indoor mask mandate effective Friday at 5 p.m.
>>14512630 South Australia residents will reportedly be forced to download a quarantine app that randomly requires picture proving they are at home
>>14512636 New York just abolished both medical and religious exemptions (which it previously had) when it passed SB 2164
>>14512658 Australian police HUNT DOWN "covid fugitives" as if they're violent criminals
>>14512662 Grassley Tweet Final Stage of Maturity The Corn Kernels Comms
>>14512663 Red Cross Blood Donations eligibility rules
>>14512678 GOP Freedom Caucus Wants Liz Cheney And Adam Kinzinger Booted From Republican Party
#18358
#14512691 at 2021-09-03 04:39:26 (UTC+1)
Q Research General #18358: Wisconsin To Begin Audit Of 2020 Presidential Election Results Edition
2/2
>>14512382 Japan's Suga to resign as prime minister
>>14512391 Dems accuse AG Brnovich of putting tax dollars at risk over political moves
>>14512410 Wendy Rogers, DEMAND FORENSIC AUDIT AND CANVASS
>>14512415 Sailors and Marines Have 90 Days to Get Vaccinated or Face Punishment
>>14512430 Posted For Archive And Later Research - Switzerland Ties Glencore - Ivan Glasenberg owns 8.4% of Glencore
>>14512467, >>14512567 CALIFORNIA ELECTION FUCKERY 'Security experts' call for rigorous audit of upcoming California recall election, citing increased risk from software breach
>>14512464 'Tell me one thing' the Biden administration has done successfully: Jim Jordan (3:10)
>>14512503 Chinese Man Arrested for Refusing Vaccine
>>14512536 SenFeinstein tweeted 4 hours ago the amount of tweets on this 'verified account' looks like a bot?
>>14512512 Daffney Unger, former professional wrestler, dead at 46 chronic traumatic encephalopathy?
>>14512516 Lincoln Project Co-Founder Calls Laura Loomer Anti-Semitic Slur, She Fires Back With Question About His 'Pedophile Coworkers'
>>14512563 South Australian health authorities say they are stunned a person booked a COVID-19 vaccination appointment 40 times, blocking dozens of other people from receiving a dose
>>14512615 PDJT Endorsement of Herschel Walker Endorsement of Burt Jones
>>14512625 Boulder County reinstates indoor mask mandate effective Friday at 5 p.m.
>>14512630 South Australia residents will reportedly be forced to download a quarantine app that randomly requires picture proving they are at home
>>14512636 New York just abolished both medical and religious exemptions (which it previously had) when it passed SB 2164
>>14512658 Australian police HUNT DOWN "covid fugitives" as if they're violent criminals
>>14512662 Grassley Tweet Final Stage of Maturity The Corn Kernels Comms
>>14512663 Red Cross Blood Donations eligibility rules
>>14512678 GOP Freedom Caucus Wants Liz Cheney And Adam Kinzinger Booted From Republican Party
#18358
Baker requires handoff
#14512604 at 2021-09-03 04:13:05 (UTC+1)
Q Research General #18358: Wisconsin To Begin Audit Of 2020 Presidential Election Results Edition
2/2
>>14512382 Japan's Suga to resign as prime minister
>>14512391 Dems accuse AG Brnovich of putting tax dollars at risk over political moves
>>14512410 Wendy Rogers, DEMAND FORENSIC AUDIT AND CANVASS
>>14512415 Sailors and Marines Have 90 Days to Get Vaccinated or Face Punishment
>>14512430 Posted For Archive And Later Research - Switzerland Ties Glencore - Ivan Glasenberg owns 8.4% of Glencore
>>14512467, >>14512567 CALIFORNIA ELECTION FUCKERY 'Security experts' call for rigorous audit of upcoming California recall election, citing increased risk from software breach
>>14512464 'Tell me one thing' the Biden administration has done successfully: Jim Jordan (3:10)
>>14512503 Chinese Man Arrested for Refusing Vaccine
>>14512536 SenFeinstein tweeted 4 hours ago the amount of tweets on this 'verified account' looks like a bot?
>>14512512 Daffney Unger, former professional wrestler, dead at 46 chronic traumatic encephalopathy?
>>14512516 Lincoln Project Co-Founder Calls Laura Loomer Anti-Semitic Slur, She Fires Back With Question About His 'Pedophile Coworkers'
>>14512563 South Australian health authorities say they are stunned a person booked a COVID-19 vaccination appointment 40 times, blocking dozens of other people from receiving a dose
#18358
Baker requires handoff
#14512511 at 2021-09-03 03:51:41 (UTC+1)
Q Research General #18358: Wisconsin To Begin Audit Of 2020 Presidential Election Results Edition
2/2
>>14512382 Japan's Suga to resign as prime minister
>>14512391 Dems accuse AG Brnovich of putting tax dollars at risk over political moves
>>14512410 Wendy Rogers, DEMAND FORENSIC AUDIT AND CANVASS
>>14512415 Sailors and Marines Have 90 Days to Get Vaccinated or Face Punishment
>>14512430 Posted For Archive And Later Research - Switzerland Ties Glencore - Ivan Glasenberg owns 8.4% of Glencore
>>14512467 CALIFORNIA ELECTION FUCKERY 'Security experts' call for rigorous audit of upcoming California recall election, citing increased risk from software breach
>>14512464 'Tell me one thing' the Biden administration has done successfully: Jim Jordan (3:10)
>>14512503 Chinese Man Arrested for Refusing Vaccine
#18358
Baker requires handoff
#14512430 at 2021-09-03 03:34:08 (UTC+1)
Q Research General #18358: Wisconsin To Begin Audit Of 2020 Presidential Election Results Edition
>>14512407
POSTED FOR ARCHIVE AND LATER RESEARCH - SWITZERLAND TIES
cannot post images but below is wat i collected today to do with ngo and switzerland.
--------------------
Glencore - Ivan Glasenberg owns 8.4% of Glencore
Glasenberg has or had citizenship of South Africa and Australia. He became a Swiss citizen in 2011.
Australia has been an important part of the Glencore business for more than 20 years.
https://www.glencore.com.au/who-we-are/our-history
---------
ANYTHING TO DO WITH NGO NEEDS CLOSER INSPECTION !!
Posted for later research and archive purposes.
https://8kun.top/qresearch/res/14510335.html#14510439 - NOTABLE ON 8KUN
-------------------—-
British NGO Chief Arrested Then Freed by Taliban in Bid to Evacuate Afghan Staff
Ben Slater revealed plans earlier this week to take some 400 Afghan citizens, including single women unaccompanied by male relatives, out of the country by road into another country he declined to name. He claimed the British government had abandoned them in Kabul.
The Taliban* has released a British head of several charities in Afghanistan after he tried to drive a coach-load of his staff out of the country.
Former Army Military Policeman Ben Slater told The Daily Telegraph he was detained for several hours on Thursday morning after reaching the border the day before.
He said Taliban authorities questioned him as to why single women among his group were staying in hotels without male relatives accompanying them. On release, he was allowed to cross, but with only one other person.
"The final blow to the op is that the UK are only granting myself and one of my executive assistants over the border today, and they haven't even suggested they are going to issue the visas for some or the rest of my group", Slater said. "It's a complete disaster really. It's disgusting. It's beyond horrible".
Slater did not reveal which border he attempted to cross. But Afghanistan's neighbours have in recent days closed their frontiers to would-be asylum-seekers - including Commonwealth member Pakistan, which is currently hosting 3.5 million refugees from the 20-year war.
https://sputniknews.com/uk/202109021083781325-british-ngo-chief-arrested-then-freed-by-taliban-in-bid-to-evacuate-afghan-staff/
----------------—
SECTION TITLED - TRACE BRIBERY RISK MATRIX,
LOOKING AT THE NGO IN SWITZERLAND AND CAME ACROSS THIS AML (anti money laundering) bureau?
Note: Posted for later research into their measures and guidelines.
juicy reading just from the titles of how they rate the countries or the countries where they have not inflitrated, reverse all tables and the true picture would emerge?
-----------------
https://baselgovernance.org/sites/default/files/2019-08/Basel%20AML%20Index%202019.pdf
12.2.2 TRACE Bribery Risk Matrix
? Type: Composite index
? Website: http://www.traceinternational.org/trace-matrix
What does it measure?
The TRACE Bribery Risk Matrix provides country scores for business bribery risk. The Basel AML Index
uses Domain 1 and Domain 2. Domain 1 ("Opportunity") includes interaction, expectation and leverage.
Domain 2 ("Deterrence") includes data on anti-bribery deterrence and enforcement such as societal
disapproval of bribery ("Dissuasion") and governmental anti-bribery enforcement ("Enforcement").
The Bribery Risk Matrix was originally developed in 2014. Since 2017 it has been released annually. The
data covers 200 countries.
Why is it important?
Bribery is an important form of corruption and generates significant amounts of proceeds of crime that
need to be laundered to enter the financial system. In bribery, money flows usually from a private entity
to a public official in exchange for being granted a government service, for example the right to extract
resources from the state or a contract for goods or services. It is also often referred to as the "active"
side of corruption.
????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????
S????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????
#14510572 at 2021-09-02 20:28:09 (UTC+1)
Q Research General #18356: Bread Boat Sailing Through Alphabet Chowder Edition
>>14510439
Glencore
Ivan Glasenberg owns 8.4% of Glencore
Glasenberg has or had citizenship of South Africa and Australia. He became a Swiss citizen in 2011.
Australia has been an important part of the Glencore business for more than 20 years.
https://www.glencore.com.au/who-we-are/our-history
GLENCORE (Swiss)
We were founded in 1974. Today, Glencore is one of the world's leading diversified natural resource companies, producing and trading more than 90 commodities.
https://www.glencore.com
Glencore CEO Ivan Glasenberg to retire, to be succeeded by Gary Nagle
Ivan Glasenberg will retire as CEO and as a member of the Glencore Board during the first half of 2021. Gary Nagle will then become the Glencore CEO and join the Board. Mr Nagle intends to relocate from Australia to Switzerland early next year and will work with Mr Glasenberg to effect the transition.
https://www.glencore.com/media-and-insights/news/Glencore-CEO-Ivan-Glasenberg-to-retire–to-be-succeeded-by-Gary-Nagle
Glencore Plc GLEN.L said on Wednesday it would cooperate with U.S. authorities after they demanded documents about the mining firm's business in Democratic Republic of Congo, Venezuela and Nigeria as part of a corruption investigation.
https://www.reuters.com/article/us-glencore-subpoena-idUSKBN1K10SI
Serious Fraud Office investigates Glencore over suspected bribery
The £30bn company, which is the world's largest commodity trader, says it will cooperate
https://www.theguardian.com/business/2019/dec/05/serious-fraud-office-investigates-glencore-over-suspected-bribery
Former Mining Exec Details Suitcase Full of Cash He Used to Seal Deals
"I used to go with 500,000 pounds to London," Paul Wyler who was one of Glencore's most senior executives and a board director until 2002, said in an interview for The World for Sale, a book on the history of the commodity trading industry.
https://www.bloomberg.com/news/articles/2021-02-24/former-glencore-director-says-he-flew-the-world-with-bag-of-cash
Swiss AG latest investigating Glencore for corruption
Glencore announced it is under criminal investigation by the Office of the Attorney General of Switzerland (OAG) over corruption allegations, adding to the growing list of scrutiny the multinational commodity trading and mining company is facing.
On June 19, Glencore said it had been informed by the OAG that the office was probing Glencore International "for failure to have the organizational measures in place to prevent alleged corruption in the Democratic Republic of Congo." Glencore added that it will cooperate with the investigation.
Other investigations
In December 2019, Glencore announced it was under investigation by the U.K. Serious Fraud Office. In confirming the investigation, the SFO said its focus was on "suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents, and associated persons."
In April 2019, Glencore announced the U.S. Commodity Futures Trading Commission launched an investigation into whether the company and its subsidiaries violated certain provisions of the Commodity Exchange Act and/or CFTC regulations through corrupt practices in connection with commodities.
In July 2018, Glencore Ltd, a subsidiary of Glencore plc, announced it received a subpoena from the U.S. Department of Justice to produce documents and other records concerning potential violations of the Foreign Corrupt Practices Act and U.S. anti-money laundering statutes. The company said the requested documents "relate to the Glencore Group's business in Nigeria, the Democratic Republic of Congo, and Venezuela from 2007 to present."
Glencore was cited hundreds of times in the Panama Papers. It then came under heavy criticism in the Paradise Papers-the sequel to the Panama Papers-which revealed Glencore loaned tens of millions of dollars to Dan Gertler, an Israeli businessman with close ties to Joseph Kabila, former president of the Democratic Republic of Congo.
Glencore and Xstrata's chief executives' links go back to university days
This article is more than 9 years old
The real drivers behind the deal were Ivan Glasenberg, chief executive of Glencore and his Xstrata counterpart Mick Davis
The Glencore loan accounted for 98 percent of Chad's $1.4 billion external commercial debt at the end of 2016, according to the IMF. The World Bank estimated Chad's total gross domestic product last year at about $9.6 billion.
Glencore began lending to Chad in exchange for crude in 2013 with a $600 million three-year prepayment followed by a $1.45 billion oil prepayment in 2014 to finance the state oil firm's purchase of Chevron's oil assets in the country.
Covid Vaccines Less Effective at Preventing Hospitalization, CDC Says
https://www.complianceweek.com/anti-corruption/swiss-ag-latest-investigating-glencore-for-corruption/29102.article
#13168029 at 2021-03-07 20:47:10 (UTC+1)
Q Research General #16710: Notable's Buffer Overload Edition
>>13167954
Swiss billionaires: the richest people in Switzerland
How did the richest people in Switzerland become Swiss billionaires and millionaires? We take a look at Switzerland's richest - and how they made their fortunes.
More than a third of the 300 richest people in Switzerland are Swiss billionaires, according to the political magazine Bilanz. Some of the richest people in Switzerland belong to famous families whose companies are globally famous. Almost half of the 300 richest are originally from elsewhere and have adopted Swiss nationality, wealthy Germans in particular. Since the 1980s, the list of Swiss billionaires and millionaires has shown an increase in the number of people coming from the world of finance.
Just how did they become Swiss billionaires or millionaires? Multimillionaires with wealth stemming from a range of activities feel at home in Switzerland, as shown in this list of the richest people in Switzerland.
Pharmaceutical industry
André Hoffmann - Swiss billionaire heir and philanthropist
Switzerland's use of natural resources by two thirds by 2050.
Financial services and chemicals
Christoph Blocher - from Swiss billionaire to man of the people
''
Polymers
Jobst Wagner - political activist with 20,000 employees
Commodities trading
Ivan Glasenberg - Swiss billionaire and hunter of commodities
Grandfather's pictures
Marina Picasso - compensated with millions
''
Real estate
Robert Heuberger - childhood poverty, wealth in old age
Formula 1 racing
Sebastian Vettel - full speed to fortune
''
Sports data
Carsten Koerl - technology and sparkling ideas
https://www.expatica.com/ch/finance/money-management/swiss-billionaires-1132187/
Rich, Rich, Rich. IMHO
#11932202 at 2020-12-07 06:29:15 (UTC+1)
Q Research General #15231: Ghost Ship Edition
>>11932201
Resignations in the news 11/30/2020 thru 12/6/2020 - part 7
Pope Francis accepts resignation of Ottawa Archbishop Terrence Prendergast at age of 76
https://www.catholicnewsagency.com/news/pope-francis-accepts-resignation-of-ottawa-archbishop-terrence-prendergast-at-age-of-76-62165
Manhattan DA Cy Vance's top aide resigns in latest sign he won't run for re-election in 2021
https://archive.fo/DKbGA
DelphX Announces Director Resignation
https://finance.yahoo.com/news/delphx-announces-director-resignation-220100639.html
Tim Schneider to Step Down as Chairman of the Illinois Republican Party
https://www.nbcchicago.com/news/local/chicago-politics/tim-schneider-to-step-down-as-chairman-of-the-illinois-republican-party/2387428/
After 4 Decades, MFD Chief John Fruetel Stepping Down
https://news.yahoo.com/4-decades-mfd-chief-john-002529983.html
Hendrix Genetics appoints Jolanda van Haarlem as future CEO
https://www.wattagnet.com/articles/41693-hendrix-genetics-appoints-jolanda-van-haarlem-as-future-ceo
Ivan Glasenberg to leave Glencore within six months
https://www.businesslive.co.za/bd/companies/mining/2020-12-04-Ivan-Glasenberg-to-leave-glencore-within-six-months/
Logan Senator Hardesty resigns from state Senate
https://www.wvgazettemail.com/news/legislative_session/logan-senator-hardesty-resigns-from-state-senate/article_3b280fe7-56ec-5d38-abae-6592c0ad12a6.html
British ambassador resigns for 'family reasons'
http://www.dailystar.com.lb/News/Lebanon-News/2020/Dec-05/515053-british-ambassador-resigns-for-family-reasons.ashx
Rabuka resigns from Parliament
https://www.fbcnews.com.fj/news/politics/rabuka-resigns-from-sodelpa-2/
#11902239 at 2020-12-04 17:04:56 (UTC+1)
Q Research General #15193: Anons Carry the Torch of Freedom Edition
Resignation -
Ivan Glasenberg to step down as Glencore chie
Miner and commodity trader's long-serving boss will hand reins to head of coal business Gary Nagle.
https://amp.ft.com/content/1bf820bf-1171-4379-badd-11a1865799e3?__twitter_impression=true
#7433022 at 2019-12-05 17:46:04 (UTC+1)
Q Research General #9506: The 6 Can Be Very Dangerous Edition
World's Largest Commodity Trader Plummets To Three Year Low On Bribery Probe
Glencore Plc, the world's largest commodity trader, tumbled almost 9% to a three year low and was briefly halted following news that it was being investigated for bribery by U.K. authorities, deepening the company's long-running legal troubles.
The announcement by the UK's Serious Fraud Office adds to separate corruption probes that Glencore is facing in the U.S. and Brazil, which have sent the company's stock sliding in recent years. Without providing much detail, the SFO said it's looking into suspicions of bribery by the company, its employees, agents and associated persons. Glencore said it will cooperate with the probe, but didn't provide any further details.
"This is an obvious negative for the Glencore investment case," RBC analyst Tyler Broda wrote in a research note. "We believe this clearly will hamper sentiment in what remains a complex investment case for investors." He also said that the language of the U.K.'s investigation, albeit with limited detail, suggests it could be wider in scope. That potentially raises the penalty, if Glencore is found guilty or reaches a settlement.
As Bloomberg adds, The new probe also ramps up pressure on Glencore's billionaire Chief Executive Officer Ivan Glasenberg. He told investors earlier this week to prepare for more leadership changes and hinted that his own departure may come sooner than previously anticipated.
The investigation will be also be a major test for the U.K. prosecutor, which has stumbled with some cases. Three Tesco Plc officials caught up in an accounting scandal were cleared after a pair of trials and the agency has dropped some high-profile probes into individuals at companies including Rolls-Royce Plc and GlaxoSmithKline Plc.
For trading powerhouse Glencore, which in recent years has emerged as the commodity equivalent of Deutsche Bank which appears to have involvement in virtually every single financial crime committed over the past two decades, the investigations have raised fundamental questions about how the business of commodities trading is conducted around the world, according to Bloomberg, as its traders have traditionally been willing to do business in many of the world's most impoverished and corrupt countries. And they have long relied on agents - even more corrupt intermediaries who work on commission - to help them secure deals.
Last year, Bloomberg reported that the agency was preparing to open an investigation into Glencore and its work with Israeli billionaire Dan Gertler and former Democratic Republic of Congo President Joseph Kabila. Gertler and Kabila have been implicated in previous British and American bribery investigations. The U.S. imposed sanctions on Gertler in 2017, saying he'd used his friendship with Kabila to corruptly build his fortune.
Gertler and Glencore first invested together in a Congolese mine in 2007 and developed a close partnership over the years in the Mutanda and Katanga Mining copper and cobalt operations. While Glencore has cut its business relations with Gertler, it still must pay him royalties for the mines.
Glencore is also being investigated by the U.S. DOJ and Brazilian authorities in the Car Wash scandal. The company has also been subpoenaed by the Justice Department for documents relating to possible corruption and money laundering in Nigeria, the Democratic Republic of Congo and Venezuela. The U.S. Commodity Futures Trading Commission is also investigating the company for possible corrupt practices.
https://www.zerohedge.com/markets/worlds-largest-commodity-trader-plummets-three-year-low-bribery-probe
there is so much fuckery with Glencore and 911, Congo, Brazil-all over the world.
from may 2017
The inside story of Glencore's hidden dealings in DRC
https://www.theguardian.com/business/2017/nov/05/the-inside-story-of-glencore-hidden-dealings-in-drc
World's biggest oil traders paid bribes in Brazil scandal -prosecutors
https://www.reuters.com/article/us-brazil-corruption-petrobras-idUSKBN1O41EC
Operation Car Wash: Is this the biggest corruption scandal in history?
https://www.theguardian.com/world/2017/jun/01/brazil-operation-car-wash-is-this-the-biggest-corruption-scandal-in-history
#7419874 at 2019-12-03 18:56:24 (UTC+1)
Q Research General #9489: Don't Panic! Refresh! Good wins in the end! Justice! Edition
Glencore CEO Hints He May Leave Sooner Than Expected
More of the company's 'old guard' will leave next year. Shares slump most since August as no new buyback announced.
Glencore Plc Chief Executive Officer Ivan Glasenberg told investors to prepare for more leadership changes, hinting that his own departure may come sooner than previously anticipated.
"There are not many of us old guys left," said Glasenberg, 62, referring to himself and his peers as the "third generation" of leadership of the company. He said that the retirement of the remaining managers of his era should happen during 2020.
While he said there was no exact timing planned for his own departure, Glasenberg indicated that it could come more rapidly than he's previously suggested. "It could happen soon," he said.
RBC Capital Markets analyst Tyler Broda said the comments indicate that he may step down in 12 to 18 months. Last year, Glasenberg said he would leave in three to five years.The passage of the baton at Glencore is a significant moment for the commodities industry. The firm is the world's largest commodity trader, dominating transactions in most industrial metals, including copper, zinc and aluminum. The CEO of the Swiss-based, London-listed company has had an outsized role in shaping the world of commodity trading since Glencore was founded by Marc Rich in 1974. But for more than a year, Glencore has worked under a cloud as the U.S. Department of Justice probes possible corruption and money-laundering at its mining operations. Profits are sliding and 40% of the company's market value has been erased since the start of 2018. Glencore has only changed leaders twice in its 45-year history. In 1994, Rich was pushed out after a failed attempt to corner the zinc market, and Glasenberg took over from Willy Strothotte in 2002. Many of Glencore's most senior executives have left the company in the past 12 months, including former head of copper trading Telis Mistakidis, head of oil Alex Beard, and head of agriculture Chris Mahoney. Among those that remain are Tor Peterson, head of coal trading, and Daniel Mate, head of lead and zinc trading.
https://www.bloomberg.com//news/articles/2019-12-03/glencore-ceo-Glasenberg-hints-he-may-leave-sooner-than-expected
from 2017
Glencore redirected over $75 million in mining payments to scandal-hit friend of Congolese President, Global Witness reveals
https://www.globalwitness.org/en/press-releases/glencore-redirected-over-75-million-mining-payments-scandal-hit-friend-president-global-witness-reveals/
The three men likely to take over Glencore when Glasenberg goes
https://www.businesslive.co.za/bd/companies/mining/2019-10-29-the-three-men-likely-to-take-over-glencore-when-Glasenberg-goes/
#3561078 at 2018-10-22 12:54:08 (UTC+1)
Q Research General #4517: Everything Is Yuge In Texas Edition
>>3558501 4514
A little bit more in Genel and mentions of Genie as well in the link below
https://republicstandard.com/balkanizing-syria-the-genie-in-the-nato-lamp/"Genel's big backers are banking scion Nathaniel Rothschild and Turkish billionaire Mehmet Emin Karamehmet. The company's CEO is Tony Hayward, the former head of BP , who also happens to be chairman of commodities giant Glencore PLC. Genel's CFO [Julian Metherell] used to be the head of U.K. investment banking for Goldman Sachs. . . with pull like that, no wonder Genel has plunged into developing virgin oilfields in the region despite insistence from Iraq's oil ministry in Baghdad that their contracts with the KRG are illegal."
~ Christopher Helman, 2014,Forbes.
…
Tony Hayward, the initial CEO of Genel and later the Chairman, is also the Chairman of Glencore, mentioned earlier. The Anglo-Swiss Glencore is one of the world's foremost commodities trading and mining giants with an HQ in Switzerland and a registered office on the Isle of Jersey (for tax reduction/evasion purposes). As of 2015, Glencore ranked tenth in the Fortune Global 500 list of the world's largest companies. Its primary listing was in 2011, in London, a process in which Nathaniel Rothschild was a keen investor. The CEO is Ivan Glasenberg; a Jew from South Africa. The company was founded as Marc Rich & Co., named after the infamous Jewish super criminal pardoned by Bill Clinton.
8chan/8kun QRB Posts (1)
#88086 at 2021-09-03 03:36:42 (UTC+1)
QRB General #559: Black is White and White is Black, Cept We Haz Memes Now Edition
>>88064
>>14512407 (You)
POSTED FOR ARCHIVE AND LATER RESEARCH - SWITZERLAND TIES
cannot post images but below is wat i collected today to do with ngo and switzerland.
----
Glencore - Ivan Glasenberg owns 8.4% of Glencore
Glasenberg has or had citizenship of South Africa and Australia. He became a Swiss citizen in 2011.
Australia has been an important part of the Glencore business for more than 20 years.
https://www.glencore.com.au/who-we-are/our-history
-----
ANYTHING TO DO WITH NGO NEEDS CLOSER INSPECTION !!
Posted for later research and archive purposes.
https://8kun.top/qresearch/res/14510335.html#14510439 - NOTABLE ON 8KUN
---------
British NGO Chief Arrested Then Freed by Taliban in Bid to Evacuate Afghan Staff
Ben Slater revealed plans earlier this week to take some 400 Afghan citizens, including single women unaccompanied by male relatives, out of the country by road into another country he declined to name. He claimed the British government had abandoned them in Kabul.
The Taliban* has released a British head of several charities in Afghanistan after he tried to drive a coach-load of his staff out of the country.
Former Army Military Policeman Ben Slater told The Daily Telegraph he was detained for several hours on Thursday morning after reaching the border the day before.
He said Taliban authorities questioned him as to why single women among his group were staying in hotels without male relatives accompanying them. On release, he was allowed to cross, but with only one other person.
"The final blow to the op is that the UK are only granting myself and one of my executive assistants over the border today, and they haven't even suggested they are going to issue the visas for some or the rest of my group", Slater said. "It's a complete disaster really. It's disgusting. It's beyond horrible".
Slater did not reveal which border he attempted to cross. But Afghanistan's neighbours have in recent days closed their frontiers to would-be asylum-seekers - including Commonwealth member Pakistan, which is currently hosting 3.5 million refugees from the 20-year war.
https://sputniknews.com/uk/202109021083781325-british-ngo-chief-arrested-then-freed-by-taliban-in-bid-to-evacuate-afghan-staff/
-----
SECTION TITLED - TRACE BRIBERY RISK MATRIX,
LOOKING AT THE NGO IN SWITZERLAND AND CAME ACROSS THIS AML (anti money laundering) bureau?
Note: Posted for later research into their measures and guidelines.
juicy reading just from the titles of how they rate the countries or the countries where they have not inflitrated, reverse all tables and the true picture would emerge?
-----
https://baselgovernance.org/sites/default/files/2019-08/Basel%20AML%20Index%202019.pdf
12.2.2 TRACE Bribery Risk Matrix
? Type: Composite index
? Website: http://www.traceinternational.org/trace-matrix
What does it measure?
The TRACE Bribery Risk Matrix provides country scores for business bribery risk. The Basel AML Index
uses Domain 1 and Domain 2. Domain 1 ("Opportunity") includes interaction, expectation and leverage.
Domain 2 ("Deterrence") includes data on anti-bribery deterrence and enforcement such as societal
disapproval of bribery ("Dissuasion") and governmental anti-bribery enforcement ("Enforcement").
The Bribery Risk Matrix was originally developed in 2014. Since 2017 it has been released annually. The
data covers 200 countries.
Why is it important?
Bribery is an important form of corruption and generates significant amounts of proceeds of crime that
need to be laundered to enter the financial system. In bribery, money flows usually from a private entity
to a public official in exchange for being granted a government service, for example the right to extract
resources from the state or a contract for goods or services. It is also often referred to as the "active"
side of corruption.
????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????
S????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????
????????????????????????????????????????????????????????????????????????????
8chan/8kun QResearch SOUTH AFRICA Posts (35)
#19400435 at 2023-08-21 19:07:10 (UTC+1)
Q Research South Africa #11: Diamonds, Gold, and War Edition
>>19400179
>Anglo American operates a controversial joint venture, the Cerrej?n Coal Mine in Colombia, along with BHP Billiton and Glencore Xstrata.
>>19400230
>Both Glencore and Xstrata have well-established reputations for human rights, environmental, and trade violations.
>>19400407
>>19400330
Glencore and Xstrata ties go back to the beginning before the merger
https://www.newstatesman.com/politics/2012/10/ns-business-profile-marc-rich-glencores-fugitive-founder
Glencore, or Marc Rich + Co AG as it was then, was to remain in Rich's hands for another 10 years. In 1990, Marc Rich & Co AG became a majority shareholder of another Swiss commodities company called Xstrata.
https://www.reuters.com/article/us-mining-glencore-idUSL1471125820080214
Glencore began life in 1974 as a commodity trading firm set up by secretive billionaire commodities merchant Marc Rich, who sold out to management in 1994.
The men who run Glencore now, Chairman Willy Strothotte and Chief Executive Ivan Glasenberg, may not be as famous but they have arguably been as successful.
Strothotte, 63, who is chairman of Xstrata in addition to Glencore, began his career working for Rich and others as a metals trader in the 1970s.
https://www.theguardian.com/business/2010/feb/14/mick-davis-profile-mining-industry
Until Bill Clinton granted him a pardon in 2000, [Marc] Rich was wanted by the US authorities for tax evasion, tax fraud, and breaking UN and US embargoes.
Doubtless [Mick] Davis has been irritated that Xstrata's connection to Glencore has been used as a way of smearing the company - unfairly given that Rich has not been involved for a decade. Glencore's minority stake in Xstrata was used by takeover target Falconbridge as ammunition for its defence, and again by Australian miner WMC, for which Davis was eventually outbid by BHP Billiton.
Davis, aged 52, spends much of his little free time with his family, his wife Barbara and their three children Sarah, Ronit and Eitan. He is a highly devout, observant Jew and chairman of Jewish charity UJIA. He has a close relationship with Glencore, whose chief executive Ivan Glasenberg comes from the same South African Jewish community.
https://www.telegraph.co.uk/finance/newsbysector/industry/mining/9529658/The-Glencore-Xstrata-war-has-turned-friends-into-foes.html
In a remarkable move, Glasenberg is calling on the miner's shareholders to back his takeover bid rather than the original merger, oust Xstrata's chief executive Davis and appoint him instead.
For years, it has been an open secret that Glasenberg, called the Dealer after his trading empire, and Davis, known as the Digger for his mining expertise - two school friends from South Africa - were planning to merge their empires and become "Glenstrata". The tie-up would have brought the friends together, with Davis staying on as chief executive and Glasenberg taking on the job of deputy CEO and president.
#18924464 at 2023-05-30 12:29:47 (UTC+1)
Q Research South Africa #11: Diamonds, Gold, and War Edition
>>18879754
>>18924452
>>18924456
Its business as usual eventhough...
"Bribery Scandal To Cost Glencore $1.1 Billion, While Billionaire Execs Avoid Blame-For Now"
https://www.forbes.com/sites/christopherhelman/2022/05/26/bribery-scandal-to-cost-glencore-11b—billionaire-execs-avoid-blame-for-now/?sh=11642fa1625a
May 26, 2022,11:44am EDT
Below are excerpts
Marc Rich, the legendary commodities trader, fled the United States for Europe in 1983 after being indicted for trading Iranian oil during the 1979 hostage crisis and evading $50 million in taxes. From Switzerland, Rich continued to operate Marc Rich & Co. until selling the trading house to his prot?g?s in 1994. By the time President Bill Clinton pardoned Rich on his last day in office in 2001, the company had been renamed Glencore International. Rich died in 2013, age 79, a billionaire and a free man-an example that Glencore's next generation of fat cats now seek to follow.
Including Rich (and his longtime right hand Pincus Green, now retired with an estimated $900 million) the company has birthed at least nine billion-dollar fortunes. The richest of the Glencore gang is former CEO Ivan Glasenberg, at $8.9 billion, according to the Forbes Real-Time Billionaire rankings. Others include Daniel Mat?, 58, a metals trader worth an estimated $3.6 billion, and oil trader Tor Peterson at $2.7 billion.
All three left the company in the past two years, but neither they nor other billionaire executives have yet been fingered in the Department of Justice investigation into Glencore's misdeeds, resolved this week with the company's admissions of guilt and $1.1 billion in fines.
According to a statement from U.S. Attorney Damian Williams, the execs likely knew something: "With approval and knowledge of top executives," Glencore traders for more than a decade until 2018 made illicit payments seem customary. Glencore admits now that its traders bribed foreign officials to secure contracts and cargoes, bribed bureaucrats to avoid audits, and bribed judges to make lawsuits disappear. Its fine under the Foreign Corrupt Practices Act will amount to $430 million, with forfeiture of $270 million of ill-gotten gains.
Two Glencore traders have so far pled guilty and are soon to be sentenced. First, Emilio Jose Heredia Collado of California admitted to conspiring to manipulate the price of marine fuel oil in the ports of Los Angeles and Houston. (Those shenanigans will cost Glencore a fine of $341 million and the forfeiture of $144 million in profits.) Second is the government's star witness, Anthony Stimler, formerly a senior oil trader overseeing West Africa. Stimler last year pled guilty to bribery and money laundering. He has reportedly shown remorse, and has been helping to elucidate for prosecutors the details of how Glencore, via "dozens of agreements" paid millions in bribes to Nigerian officials.
In 2014 Stimler, according to DOJ filings, was told to contribute an "advance" of $300,000 toward the reelection campaign of a Nigerian official. The payment flowed via wire transfer from a Glencore bank account in Switzerland through a New York bank to a Nigerian-owned account in Cyprus. In 2015 in order to get the opportunity to buy cargoes of oil from Nigeria, Glencore was required to submit $50,000 per cargo as an "advance payment." According to court documents, Glencore made illicit profits of $124 million due to the scheme.
Other details include $147,000 in "Operation Carwash" payments made to three Brazilian officials at state-controlled oil giant Petrobras, which were disguised as a "service fee" of 50 cents per barrel of Brazilian oil that Glencore bought. All told, Glencore allegedly made $40 million in illicit payments to Brazilian officials.
In Venezuela, Glencore paid government-connected intermediaries $1.3 million in order to speed up $12 million in late payments that Petroleos de Venezuela owed the trading house under oil contracts.
In the Democratic Republic of Congo, when a lawsuit alleged that Glencore had breached a contract and owed $16 million in damages, a company intermediary had a private meeting with the judge presiding over the case, paid a bribe of $500,000 disguised as a fake invoice for legal work, and the lawsuit went away. In DRC, Glencore admits to paying $27.5 million in bribes.
#16569275 at 2022-07-01 01:01:07 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
Glencore & Xstrata Bun Part Two
>>16493696 Counting the Cost - Glencore [0:00-9:08]: Taking over the world? [2011] (video)
>>16493808 Why Poverty - Stealing Africa" [Covers Glencore, Ivan Glasenberg, Marc Rich, etc.] (video)
>>16493977 Glencore is a World Economic Forum Partner
>>16494769 Canada Fines Glencore-Controlled Miner Over Business With Dan Gertler In Congo, WSJ
>>16494782 Israeli Mining Tycoon Dan Gertler On The U.S. Blacklist Will Benefit From Tesla's Cobalt Deal" - Glencore
>>16494793 Re|Source cements partnership with Tesla
>>16495112, >>16495120 Glencore: Profiteering from hunger and chaos" - 9 May 2011 (Parts 1 & 2)
>>16495133 Glencore riding energy crunch to record profits" - 20 June 2022
>>16547828 Glencore and Xstrata's chief executives' links go back to university days" - Ivan Glasenberg, Mick Davis, HSBC, Nat Rothschild, Rusal, Vallares, Tony Hayward
>>16547872 Glencore sells Mopani back to the Zambian government then hired Rothschild & Co, South Africa again to review mine - Coincidence?
#16569271 at 2022-07-01 01:00:50 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
Glencore & Xstrata Bun Part One
>>16405067 Glencore redirected over $75 million in mining payments to scandal-hit friend of Congolese President, Global Witness reveals
>>16405077 "Cyril Ramaphosa's history a red flag - expert" - Glencore
>>16408650 Scandal-hit mining companies BHP and Glencore pay record $12bn to investors
>>16408706 Glencore's Corruption guilty verdict vindicates Critics of the New Dawn's blind trust in dodgy Mining Houses - Zambia
>>16408715 China's GEM Co. Ltd and Glencore extend their long-term strategic cobalt partnership
>>16408721 China Huaneng Group and Glencore sign MOU on CCUS Project - Australian Funding
>>16408829 Glencore to honour pre-existing Russia contracts, no new deals
>>16408886 Calls mount for SA probe into Glencore - Ties to the ANC
>>16409418 Glencore's History - Marc Rich, Rudolph Giuliani and Bill Clinton
>>16409517, >>16409519, >>16409535 Marc Rich's ties to Apartheid (Parts 1 & 2)
>>16413886 Rich was spy for Israel - fugitive fat cat also offered aid to CIA & others
>>16413927 Marc Rich, "A Citizen of the World"
>>16414246 "The toxic chocolatier - The case for prosecuting Glencore executives" - namely Ivan Glasenberg
>>16414359, >>16435203, >>16435207, >>16435212, >>16483911, >>16483942 Ivan Glasenberg
>>16415399, >>1615402, >>16415414 Revealed: Glencore bankrolled covert campaign to prop up coal (Parts 1-3)
>>16415450 Glencore: the monster has landed!
>>16415472 Glencore prepares to join FTSE amid scrutiny of Namibia court battle
>>16418776 Glencore 'linked to Colombian terrorist group'
>>16418782 Glencore - "Funding violence against anti-mining activists", "Poisoning vital water supplies", "Bribery and corruption"
>>16418789 Glencore traded with Iranian supplier to nuclear programme
>>16418795 "Glencore Paid Judges To Make Cases Disappear" Tony Yengeni Spills Beans" - South Africa
>>16425138 How Marc [Rich] helped plunder Russia
>>16425794, >>16425799 "The Slimy Trail of Marc Rich: How One of the Clintons' Best Friends Gave the Gift That Keeps on Giving" (Parts 1 & 2)
>>16425988 Glencore is more of a crime syndicate than a business
>>16435509 Glencore CEO & List of Directors 2021
>>16436784 Rusal, Sual To Create Russian Aluminum Giant - Merge with Glencore
>>16441395 Mick Davis launches $300 million battery metals SPAC
>>16441420 Former Glencore trader pleads guilty in New York over Nigerian oil bribery scheme
>>16441434 Glencore Reaches $9.85 Million Zinc Rigging Settlement in New York
>>16444132 Glencore, Edelweiss offices raided over probe into pulses price fixing"
>>16444440, >>16444450, >>16444460, >>16444468 Marc Rich and the Shipping Research Bureau
>>16452297, >>16452311, >>16452318, >>16452371, >>16452388, >>16452393, >>16452396 Paradise Papers: Glencore hid link to ghost shipping fleet during Iran scandal (Parts 1-7)
>>16452412 Lawsuit Against Anti-Iran Group Dismis7ed Over US State Secrets
>>16455295, >>16455319 Eric Holder's Connection to Marc Rich (Parts 1 & 2)
>>16462506, >>16462522, >>16462529, >>16462534 The ANC's Oilgate" - Glencore, Iraq ties (Parts 1-4)
>>16472648, >>16472656, >>16472661 Bill Clinton's pardon of fugitive Marc Rich continues to pay big (Parts 1-3)
>>16476818 The Great Deceptions of Robert Mueller: The Art of the Limited Hangout - Marc Rich, Glencore, Clintons, etc
>>16477359 Goldman Vends Metal Warehouse Unit to Reuben Brothers - Analyst Blog - "hoarding of aluminum and artificial rise in the metal price" [Glencore]
>>16484321 You'll Never Guess Who Ran the Investigation Into Whether 'Slick Willie' (Bill Clinton) Got Paid for Pardoning Marc Rich" - Mueller, Comey and Holder
>>16488831 Gold Fields History - Cecil Rhodes, Gencor, Russia, Anglo American, De Beers, etc.
>>16488858 History of Gencor - Anglo American, Harry Oppenheimer, Lonrho
>>16488934 Gold Fields, Yamana deal will create No. 4 world mining giant
>>16493488 Business Profile: The story of a miner [Mick Davis] who struck gold - KPMG, Gencor, Billiton
>>16493641 Glencore/ Congo/ Child labor/ Pollution/ 2012 (video)
#16566465 at 2022-06-30 17:33:28 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16566250
>>16566261
>>16566273
>>16566316
>>16566342
>>16566402
>>16566437
"Icarus has fallen - politics and the tragedy of Brian Molefe" - State Capture, Eskom, Optimum Coal Mine, Glencore, KPMG, Guptas, murder of Dulcie September, Marc Rich, Ivan Glasenberg, Mick Davis, Xstrata, Vitol, etc. - (8 of 8)
https://what-is-a-blogg.blogspot.com/2016/11/icarus-has-fallen-politics-and-tragedy_4.html
4 November 2016
It is in this second phase that we can actually ask a simple question of how we ever allowed Glasenberg to hijack our coal supply and give us the idea of load shedding - and we said nothing about it. This next phase should allow us to interrogate how we could be aware of Marc Rich stealing $22 billion through tainted oil deals with the National Party - and we then allowed his company to take over the country's coal supply chain. This next phase should really consider how the banks and KPMG saw nothing wrong with all these shenanigans - until the colour of the capturer became darker. This report should allow Brian Molefe to finally tell his version of the story. How he found himself swept into the tornado of a story that was so much bigger than himself. How he found himself having to answer to the Saxonwold mafia only because the Swiss mafia were the bigger bullies. Brian has a fatal flaw - the initiation of the pre-payment to Tegeta. Beyond that, his is a tragic tale of the man who set out to fix a national crisis - and found himself captured by a crisis of conscience, the politics of patronage and the tragic hysteria of his own ambition. Marc Rich got lucky - Bill Clinton's last act in office was to issue a presidential pardon to the scoundrel. It appears that Presidents have an awkward habit of getting involved with such characters - everywhere you go.
According to Fin24, the cost of load shedding in South Africa - at its peak - was R80 billion per month. Apparently, the cost of Shaun Abrahams losing his mind 3 weeks ago was R50 billion to the economy. Molefe staked his reputation on saving South Africa R80 billion per month - and lost so much more. It is indeed a melancholy truth - that even great men have poor relations.
Perhaps ours is a country so damaged we have resorted to finding the bottom of the barrel when it comes to finding leaders - and we need to fix this. Brian will pay the price - as he should. Whether we have the moral authority to determine such a price is a mystery to me. I simply do not know.
The Gupta saga is not just that they are corrupt and arrogant - it is a tragedy of how they sought out to topple the king of state capture - and did such a shockingly bad job of it all. Somebody please get them the Johann Rupert manual next time.
#16566437 at 2022-06-30 17:30:15 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16566250
>>16566261
>>16566273
>>16566316
>>16566342
>>16566402
"Icarus has fallen - politics and the tragedy of Brian Molefe" - State Capture, Eskom, Optimum Coal Mine, Glencore, KPMG, Guptas, murder of Dulcie September, Marc Rich, Ivan Glasenberg, Mick Davis, Xstrata, Vitol, etc. - (7 of 8)
https://what-is-a-blogg.blogspot.com/2016/11/icarus-has-fallen-politics-and-tragedy_4.html
4 November 2016
The possible negative consequences were listed as follows -
"[3.1] possible shortages in coal supply to Eskom occasioned by the transaction;
__[3.2] a reduction in the quality of coal supplied to Eskom (with resultant detrimental
effects on the stability of Eskom's generation equipment and the increased possibility of
unplanned outages and load shedding); and,__
__[3.3] a likely increase in the exporting of coal with the concomitant consequences for
domestic prices of coal to Eskom (in order to prevent increased coal exports, Eskom
would be required to match the economic return gained from exporting the relevant
quality of coal by subjecting itself to export parity pricing.)"__
Unfortunately, the Competition Commission ignored Eskom's pleas and the merger was approved - with disastrous consequences for South Africa.
The great thing about Glasenberg is that he is very comfortable with being unpopular, and betraying friends and enemies does not stress him too much. In the merger with Xstrata, he and Mick Davis were supposed to be equal partners; and they were - for a day or 2. As soon as the merger was finalised, Glasenberg booted out Mick Davis during the first week of the merger. Davis swallowed his pride and walked away - but never forgot. Glencore became one of the biggest companies in the world and Glasenberg was one of the richest men in the world - until 2015.
Mick Davis himself is friends with that other icon of leadership - Stephen Koseff of Investec. On 13 May 2015, Mick Davis and Stephen Koseff shared a stage at Investec in Sandton and addressed a forum of young entrepreneurs. Davis did not dwell on his exit from Glencore but rather on the appropriateness of business leaders commenting on politics. A month later, Glencore - as part of its strategy of getting Eskom to pay higher prices - then threatened to dismiss 380 employees from Optimum as part of the process of shutting down the mine. In response, the Minister of Mineral Resources - Ngoako Ramathlodi - suspended Glencore's operating licence. And then the king of state capture himself - Glasenberg - called the Minister directly and essentially told him to fuck off. The Minister lifted the suspension within moments of Glasenberg's call. Glencore then carried on trying to bully Eskom into paying higher prices. President Jacob Zuma fired Ramathlodi 6 weeks after this scandalous incident. This was in September 2015.
And then it all started falling apart for Glasenberg.
In the same week that Zwane was appointed, a blow struck at the heart of the Glasenberg empire. On a Monday morning in September 28th - 5 days after President Zuma's appointment of Zwane - a bank in London published a note indicating that the Glencore business was in trouble. In true Glasenberg style, Glencore responded by saying the note was rubbish. But the market thought otherwise. Glencore lost 22% of its value in 1 day. Glasenberg himself lost $500 million - that is R7 billion - in that one day, and kept losing more money which eventually led him to agree to selling off Optimum Coal. The issuer of the note that started all the drama - Stephen Koseff's Investec Bank...
And if that wasn't enough - the Guptas decided to sell off their export licence to another company. Glencore essentially had one competitor after swallowing Xstrata. That competitor is called Vitol. 2 months ago, Tegeta sold this right that once belonged to Glasenberg to - you guessed it - Vitol. And they gave them a discount of R1,25 billion on the sale...
The curious thing about this state capture saga is that Thuli's report did not unpack the entire journey of the Glencore story - which is sad. Given the fact that the report is so centred around the Eskom-Glencore-Gupta alliance, I honestly expected it to unpack the true mechanics of the transaction; but it only focuses on the small window of shenanigans. This report is due to be given a second phase - which must be welcomed.
#16566402 at 2022-06-30 17:25:48 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16566250
>>16566261
>>16566273
>>16566316
>>16566342
"Icarus has fallen - politics and the tragedy of Brian Molefe" - State Capture, Eskom, Optimum Coal Mine, Glencore, KPMG, Guptas, murder of Dulcie September, Marc Rich, Ivan Glasenberg, Mick Davis, Xstrata, Vitol, etc. - (6 of 8)
https://what-is-a-blogg.blogspot.com/2016/11/icarus-has-fallen-politics-and-tragedy_4.html
4 November 2016
By the time apartheid reached its overdue demise, Marc Rich was wanted for his crimes in the USA and had exiled himself to Switzerland. The FBI had a price tag of $750 000 on his head. He then decided to rebrand himself and split his company into Trafigura and Glencore in 1993 - the year Eskom signed the Optimum Coal contract. In that split, Marc Rich kept Trafigura and Ivan Glasenberg headed Glencore. In 1994, things took a twist when Marc Rich was kicked out of Trafigura after squandering a zinc deal. Glencore took over Trafigura and then operated as an obscure private entity run by Glasenberg and his Rich boys (they really actually call themselves that).
In 2005, Glencore embarked on a mission of consolidating the coal supply chain in South Africa through a series of mergers. This included the acquisition of Optimum in 2008. 25 coal mergers were completed from 2005 to 2012 - 14 of them were classified as large mergers. Of the 14, Glencore was the party in 10 of them with Xstrata featuring in the rest. In 2011/12, Glencore initiated a merger with Xstrata which was run by Mick Davis, another South African. [Marc Rich also owned Xstrata >>16435203]
That 2008 transaction with Optimum had left Glasenberg in control of 31% of South Africa's coal exports. However, Glasenberg had much larger ambitions for capturing the coal supply of South Africa. The Xstrata merger itself would be the last step in a journey that started in 2005 and was designed to give Glencore absolute control of the South African coal market. Eskom was the only witness that objected to the merger. In its submissions to the Competition Commission, Eskom indicated that the Glencore strategy would destroy South Africa's ability to generate electricity. And Eskom had real reasons for fighting this deal.
From the period of 2000 to 2012, something disturbing had happened in the South African coal market. The coal produced in South Africa is graded according to density. So we produce export grade coal and the local coal that Eskom uses. Historically, most of the exported coal went to European markets which require low-density coal and pay a premium (it is priced in dollars). The Asian markets on the other hand, use coal that is similar to the Eskom coal (local variety). Up until 2007, Europe was our chief export market (80%), Asia was at 15% and the rest of the world was the remainder. Because the main export market (Europe) needed coal that Eskom didn't use anyway it meant that we had no problems finding coal for our power stations. Around 2007 however, the exports to Asia suddenly spiked and the exports to Europe fell dramatically. Our export point - the Richards Bay Coal Terminal, increased its capacity from 66 million tonnes per year to 91 million tonnes per year. The problem with that is that the Asians were using the local version of the coal - which is what Eskom needs to keep the lights on. But then the mines did not change their capacity to produce local coal and hence Eskom started competing with the Asian market - and predictably started running out of coal. Welcome to the 2008 load shedding crisis South Africa - thank you Glencore.
In reality the Glencore strategy had been to create an Asian market for Eskom's coal which could be billed at international prices. In relation to Eskom itself, Glencore figured out that once the prices were increased to international standards, Eskom would have to pay anyway as they had no alternative sources for coal. By the time Glencore applied for the merger with Xstrata, the export balance had completely switched to Asia and hence the pricing was different and local coal was now scarce - even for Eskom. The more expensive it became for Eskom to get the coal in its own market, the higher the tariffs they passed on to you and I. Eskom then objected to the merger and listed their reasons. Extracts from the hearings in 2012 included the following comments by Eskom:-
__"the merger will add considerable critical mass to Glencore's production activities and
access to the RBCT, which will enhance Glencore's ability to influence the market in a way that is
detrimental to Eskom."__
#16566342 at 2022-06-30 17:18:26 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16566250
>>16566261
>>16566273
>>16566316
"Icarus has fallen - politics and the tragedy of Brian Molefe" - State Capture, Eskom, Optimum Coal Mine, Glencore, KPMG, Guptas, murder of Dulcie September, Marc Rich, Ivan Glasenberg, Mick Davis, Xstrata, Vitol, etc. - (5 of 8)
https://what-is-a-blogg.blogspot.com/2016/11/icarus-has-fallen-politics-and-tragedy_4.html
4 November 2016
In Brian's view, his quest to end load shedding at all costs was the driving ambition. Unfortunately, it was limited by the reality of the economic structure that Eskom was stuck with. Brian's main error was in seeking to bypass such a problem by engaging the Gupta contract - and he will regret this forever. The thing about the Icarus complex is that you are allowed to fly high and soar as close to the sun as you can. And those who need you will cheer you on. But as soon as you get close to the sun and start burning, your support base evaporates and you take the fall on your own. South Africans were very happy that Brian ended load shedding. It is the true mechanics of how he did it that we are now uncomfortable with - and we are letting him burn. I understand this phenomenon very well - ask anyone who has ever heard of the FNB Building in Wits University. They will let you fly and soar as high as you can - for as long as it makes them look good. And then when they have to acknowledge the sacrifices you need to make in order to get there and make them look good - they let you burn, just like Icarus. This is life.
My issue with this entire exercise is just how clumsy the Guptas have been in facilitating all of this. You would think that the involvement of Glasenberg and Glencore would have been enough for them to understand how states are supposed to be captured, right? Dololo strategy!
In corporate life, there is nothing more delightful than any transaction that screws over a certain Ivan Glasenberg. Trust me - there isn't.
The roots of the story date back to 1974 - when a certain Marc Rich came into international prominence. Marc Rich is the godfather of the international commodities business - and actually mastered state capture long before the Guptas landed in South Africa. His modus operandi included ignoring all sorts of international sanctions and selling oil to the apartheid government - at remarkably inflated prices. The good thing for him is that he had the National Party in his pocket - just like the Guptas have parts of this current administration. Being an orthodox Jew, Marc Rich captured a young South African Wits graduate - Ivan Glasenberg, and added him to his empire in 1983. At that stage, the National Party was in trouble with the rest of the world - so Marc Rich found a way to help them out. His main task was to embezzle oil from obscure places like that discredited regime of Iran and ship it to South Africa. In order to achieve this, a company called Minoil was set up as a front. Its role was to bypass all forms of sanctions and transparency in exchange for a profit.
In exile, Frene Ginwala was in charge of the ANC's energy team which was responsible for promoting an international embargo on oil exports to South Africa. Her role was to convince international oil producers to stop supplying oil to South Africa. A key part of hitting the apartheid government using oil was the 1980 attack on Sasol - which was masterminded by Joe Slovo and a man called Jacob Zuma. In September 1983, the International Herald Tribune (New York Times) carried an article which first exposed the fact that Marc Rich was secretly selling oil to the apartheid government. On 1 October 1983, Frene Ginwala wrote a note to the ANC operatives exposing that Marc Rich and Minoil were infact in breach of the international oil embargo. Nothing appears to have been done about this revelation.
Having positioned himself as the only man who could provide oil to South Africa, Marc Rich then went deep. Over a 10-year period, he delivered oil worth $2 billion - and charged $24 billion - which was paid by the government. This $22 billion that was stolen from the South African government has never been recovered - even though Marc Rich's companies still exist and operate in South Africa. Surprisingly, Glasenberg - who was a South African citizen working for Marc Rich claimed that he was unaware that there was an international oil embargo on South Africa and therefore saw nothing wrong with selling oil to the apartheid government. One of the individuals who dedicated herself to exposing the real crimes of Marc Rich and his company was Dulcie September who was an ANC operative based in Paris. As soon as her research got her close to the truth - she was assassinated in Paris in March 1988. Her killers have never been found. http://opensecrets.org.za/marc-rich-open-secret/
#16566316 at 2022-06-30 17:15:11 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16566250
>>16566261
>>16566273
"Icarus has fallen - politics and the tragedy of Brian Molefe" - State Capture, Eskom, Optimum Coal Mine, Glencore, KPMG, Guptas, murder of Dulcie September, Marc Rich, Ivan Glasenberg, Mick Davis, Xstrata, Vitol, etc. - (4 of 8)
https://what-is-a-blogg.blogspot.com/2016/11/icarus-has-fallen-politics-and-tragedy_4.html
4 November 2016
Tegeta then went on a drive to raise the money which involved multiple entities including Trillian Capital, Oakbay, Regiments and Shiva Uranium. Unfortunately, after all this was done, Tegeta was still short of R600 million in order to finalise the transaction - yes, that sounds like the R600 million offered to Mr Jonas. The period of 11 to 13 April is the biggest problem for Brian Molefe. I am tempted to say that Brian Molefe reacted to the bullying antics of Glasenberg in a way that he thought was prudent. I am also tempted to think that by the time Brian arrived at Eskom with the promise of ending load shedding his most important discovery was that load shedding is the type of thing that had been manufactured by entities like Glencore through their immoral actions. Somehow Brian inherited this superhero complex where he needed to defeat Glasenberg at this game and also fix a national crisis. Whether his steps in executing such a mandate were appropriate is the philosophical dilemma that led us to this point. It is quite possible that Brian stepped into a vortex where the steps towards resolving this fiasco had been set in place long before he arrived. Unfortunately, he decided to assimilate with what he believed was the lesser evil and that is the realisation that brought him to tears today.
On the 11th of April, Tegeta realised that they were R600 million short. As a first step, they tried to find out if the banks would accept a deal without the R600 million. The banks said no. Then they asked Glencore for help. Glencore said no. Then Eskom stepped into the fray. On the night of the 11th of April, the Board Tender Committee of Eskom met and approved a R659 million 'pre-payment' at 9:00 pm. The pre-payment was apparently made to Tegeta in order to enable Optimum Coal to continue operating and revive its export contract. The problem here is that at that stage Tegeta did not own Optimum as the purchase had not been finalised. It is also odd that the Eskom Committee did not question why a payment for Optimum was going through Tegeta who had no legal relationship with Eskom at that stage. This is really Brian's problem. Had the transfer gone straight to Optimum instead of Tegeta, Brian's explanation would make sense. But this did not happen. Another reason advanced by Eskom is that the pre-payment was necessary in order to fix prices that might increase - this is simple nonsense. Eskom employs an entire treasury division whose core expertise is hedging. A contract of 3-months that requires them to pay R659 million simply does not exist.
On the 13th of April, Eskom paid Tegeta and suddenly, Tegeta had enough money to buy Optimum and the deal was closed. Earlier yesterday, Brian was clear that the pre-payment has been settled already - but that is not the point. Brian's key weakness is that he cannot explain why the payment went to Tegeta if the intention was to assist Optimum. It also doesn't help that the administrators of Optimum found out from Carte Blanche that Eskom approved a payment of R659 million on 11 April - and they never saw a single cent. This is the fundamental problem with Brian's version of events.
It also does not help Brian's argument that the Guptas found a way to say that the deal would only be feasible if all 3 entities were sold - and then betrayed Brian. Remember that the R659 million pre-payment was apparently meant to assist in the revival of the coal exports through RBCT? Well it turns out the Guptas then decided they were not interested in exports after all - and sold their RBCT right. The selling price - $250 million (R3.6 billion) which means that after all these transactions, the Guptas have a profit of R1,5 billion already. So, you can imagine being a Brian Molefe being parachuted right into the heart of this fiasco and having to pick one devil over another... What would you have done?
Brian remains one of the most arrogant human beings I have ever encountered - and there is nothing wrong with that. He also gets paid ridiculously well for the job he does - so he can definitely defend himself. My point of convergence with Brian is that I see him as an interesting exhibit of the Icarus complex. Such a complex exists when an individual's spiritual ambition exceeds their given limits - leading to a backlash.
#16566273 at 2022-06-30 17:12:11 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16566250
>>16566261
"Icarus has fallen - politics and the tragedy of Brian Molefe" - State Capture, Eskom, Optimum Coal Mine, Glencore, KPMG, Guptas, murder of Dulcie September, Marc Rich, Ivan Glasenberg, Mick Davis, Xstrata, Vitol, etc. - (3 of 8)
https://what-is-a-blogg.blogspot.com/2016/11/icarus-has-fallen-politics-and-tragedy_4.html
4 November 2016
What was curious about the Tegeta/Oakbay conversation is that Eskom suddenly changed 2 things. Firstly, Eskom was no longer insisting on charging the R2,15 billion penalty to the new owner - this is different to what Pembani had been told. Secondly Eskom was now happy to approve the sale of all 3 entities - this is not what Pembani had been told. In other words, once Tegeta joined the conversation, Eskom deleted the 2 clauses that had made the deal impossible for Pembani. This was curious.
The banks also got involved in the conversation. By the time Nhlanhla Nene was fired on 9 December, the banks were owed R2,95 billion. In reality, the company now belonged to the banks and Eskom which was owed R2,15 billion. You would therefore need over R5 billion to buy the company - unless Eskom wrote off its R2,15 billion claim - which it surprisingly did by deferring it. Once Eskom had indicated that the R2,15 billion could be deferred it meant that all one needed to do was to pay off the banks and Optimum could be transferred. For all practical purposes, this deal made economic sense. Only 1 leg of it was odd - the Optimum Coal Terminal (OCT) leg. As part of its drive to reduce costs, Optimum had stopped supplying coal to the export market. This is odd because the coal is sold on the export market for $65 (R875) per tonne - which is much higher than the R150 Eskom was paying and still higher than the R530 Optimum wanted Eskom to pay under a revised contract. Once all these issues had been sorted and Eskom was willing to ignore the R2,15 billion penalty, Tegeta made an offer that was acceptable to all parties (the banks and Glencore). The final purchase price was R2,55 billion. Glencore would pay R400 million and Tegeta - don't laugh - would pay R2,15 billion. But there's more...
In any mining operation, there is a legal requirement to set up an 'environmental/rehabilitation fund' which will deal with fixing the environment once the minerals have been successfully stolen by capitalists. Such funds are supposed to benefit the communities in the affected area and established in terms of the National Environmental Management Act. Naturally, Optimum Coal and Koornfontein had created such funds. The Optimum Fund had R1,47 billion and the Koornfontein Fund had R280 million. The funds are ring-fenced for community activities only and cannot be used for any other purpose. If an entity uses the funds for any other purpose then the owners of the fund are guilty in terms of the Income Tax Act (section 37) and need to pay taxes up to 2 times the value of the Fund.
The Guptas got clever here. As part of the purchase agreement, the control of the rehabilitation funds would pass on to the new owner. Tegeta then classified this as 'cash available to them' which would be transferable once the sale had been finalised. (Just like your fixed deposit which you plan on withdrawing after a specific date). The Bank of Baroda then treated the cash in the funds as money available to Tegeta and counted it as Tegeta's asset. After April, South Africa's 'ethical' banks - Standard Bank and Nedbank, transferred the funds to the Bank of Baroda branch in Durban. Apparently at that stage the 2 banks had not located their conscience and didn't question why the money was being moved.
So you'd think these illegal transfers would have set alarm bells everywhere. But the Guptas are much smarter than we think. The Guptas have a friend called Mosebenzi Zwane - who sounds like a hard worker. He is the rather energetic Minister of Mineral Resources. The official custodian of the mining rehabilitation funds is the Department of Mineral Resources. Such funds that are created for community benefit purposes are only allowed to make transfers after obtaining approval from the Minister of Mineral Resources - and that would be Mosebenzi Zwane. Once such a transfer happens; SARS is responsible for charging taxes on this fund - unless the Commissioner decides not to charge the tax. That would be Mr Tom Moyane.
In order to facilitate this hoax, the Bank of Baroda prepared a letter to indicate that Tegeta had money. That made it easier for the South African banks to believe they would get their money. But this was not enough to cover the purchase price.
#16566261 at 2022-06-30 17:11:01 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16566250
"Icarus has fallen - politics and the tragedy of Brian Molefe" - State Capture, Eskom, Optimum Coal Mine, Glencore, KPMG, Guptas, murder of Dulcie September, Marc Rich, Ivan Glasenberg, Mick Davis, Xstrata, Vitol, etc. - (2 of 8)
https://what-is-a-blogg.blogspot.com/2016/11/icarus-has-fallen-politics-and-tragedy_4.html
4 November 2016
Optimum came back with a revised offering saying they could suddenly survive if Eskom paid them R442 per tonne. Unfortunately, a certain Brian Molefe was now in the building. As part of his strategy to turn around the entity, poor old Brian engaged his mind in evaluating such contracts. And then - Wits University's most successful graduate - Ivan Glasenberg who owns Glencore - indicated to Brian that if Eskom wasn't willing to pay more than the current price then Optimum would stop supplying Eskom and load shedding would be a permanent problem. Brian then viewed this as a form of bullying and then decided to tell Glasenberg that he will activate the penalty clause on Optimum. At that stage, the money that Optimum owed Eskom in terms of the penalty clause was R2,15 billion. So we had a company that had a liability of R2,15 billion to Eskom threatening to cut coal supplies unless Eskom paid them R442 per tonne - even though the agreement said Eskom needed to pay R150 per tonne. This was a standoff of electric proportions.
The scary thing about this penalty clause is that it is actually part of a strategic move by Optimum. Power stations are very specific about the size and density of the coal they can burn. If a supplier brings the wrong coal it simply cannot be used without damaging the power station. So suddenly, Optimum started delivering coal that was wrong. Firstly, 20% of the delivery would be wrong. And then 30%. And then 40%. And this peaked at 45%. The problem here is that you cannot possibly know that the coal is unusable until it arrives at the power station. And when you need to generate 2 000 megawatts of power then you are in trouble. Eskom could have activated the penalty clause and refuse to pay Optimum - but this would have bankrupted Optimum immediately so Eskom didn't levy the penalty - but kept calculating it. And this is how the penalty kept growing until it reached R2,15 billion.
Once Molefe refused to be bullied into paying this increased price and decided to activate the penalty clause, Optimum then put itself into business rescue. When it went to business rescue, it owed R2,9 billion to Investec, Nedbank and RMB. These were the secured creditors that needed to be paid first before any change of ownership could take place.
A key feature of the Optimum structure is that Eskom needs to approve any transaction that results in a change in ownership of Optimum. The Optimum Coal Mine is one of 3 entities that make up Optimum Coal Holdings - the others are Optimum Coal Terminal (OCT) and the Koornfontein Mine. OCT is part of the Richards Bay Coal Terminal (RBCT) which is a consortium of coal suppliers. Optimum Coal (OCT) is a 7,5% member of RBCT which means that they can provide up to 7,5% of RBCT's annual exports. The value of this right is $360 million per year - that is R4,85 billion per year.
Once Optimum was under business rescue, Pembani attempted to make an offer to buy the mine. The deal collapsed because Eskom said they would still demand payment of the R2,15 billion penalty from the new owner. Pembani was informed that Eskom would not approve a deal unless Pembani agreed to pay the penalty. So Pembani walked away.
A key part of the deal is the question of whether only Optimum Coal Mine was for sale or if all 3 companies were for sale. The 2 other entities were still profitable - only Optimum Coal Mine was making losses due to the Eskom contract. Ideally, if one could buy all 3 then you could use the profits from the other 2 to balance out the losses on the Eskom contract. After Pembani walked away, our favourite audit firm - KPMG - then informed Optimum and Glencore that a new buyer had emerged - and this buyer wanted all 3 entities. This buyer was Tegeta which is owned by Oakbay and the Guptas.
#16566250 at 2022-06-30 17:09:54 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16538743
>Business deserves thanks for role in averting SA civil war
Business deserves thanks for the demise of South Africa. This article explains it well.
"Icarus has fallen - politics and the tragedy of Brian Molefe" - State Capture, Eskom, Optimum Coal Mine, Glencore, KPMG, Guptas, murder of Dulcie September, Marc Rich, Ivan Glasenberg, Mick Davis, Xstrata, Vitol, etc. - (1 of 8)
https://what-is-a-blogg.blogspot.com/2016/11/icarus-has-fallen-politics-and-tragedy_4.html
4 November 2016
The below piece is the work of Khaya S Sithole (@CoruscaKhaya )
FB link: https://www.facebook.com/khaya.sithole/posts/10154656211142103
The report threatened to cover issues relating to multiple companies, but somehow we end up with a detailed focus on the Eskom contracts. Key to the problem is the history of the Optimum Coal Mine and how it ended up in the control of the Guptas. The short version of the story is as follows. Back in 1993, Eskom signed a contract with Optimum for the supply of coal from 1993 to 2018. The basis of this contract is the coal supply agreement (CSA) which has 2 interesting aspects. One refers to the hardships clause which means that the parties can engage within the 25-year period and renegotiate aspects of the deal if necessary. The other aspect relates to the penalty provisions - which allows Eskom to penalise Optimum in the event that the coal delivered is not useful to Eskom. In this penalty clause, Optimum is obliged to keep delivering coal but only gets paid a nominal amount of R1 per tonne until Eskom recovers its losses. Sometime in the late 2000s, the Optimum Coal entity fell into the hands of Glencore - who presumably conducted proper diligence before they decided to acquire the mine. And then things started going wrong.
At some point in time Optimum started supplying substandard coal to Eskom. In some consignments, up to 45% of the coal was useless to Eskom and had to be rejected. This means that Eskom was stuck with useless coal and had to adjust its electricity generation schedule to cater for the fact that it didn't have enough useful coal. The 1993 agreement allowed for Eskom to actually penalise Optimum when this happened - but Eskom decided not to implement the penalty clause. Instead, South Africa suffered through load shedding. The nature of the agreement signed in 1993 had escalations - as expected. Due to its location, Optimum was responsible for supplying coal to the Hendrina Power Station which is based in Mpumalanga and has a capacity of 2 000 megawatts. The consequence of receiving useless coal means that the power generation is compromised and load shedding results. Rather than penalise the company and drive it to bankruptcy, Eskom decided it was in their interests to keep the mine operational by ignoring the penalty clause - and the penalty fee kept rising.
Somewhere along the line, Optimum became aware that Eskom had a deal with Exxaro for the supply of coal which was economically much better than the deal that Optimum had. In the Exxaro contract, Eskom paid R1 132 per tonne. In the Optimum contract, Eskom paid only R150 per tonne. The Exxaro contract expired on 31 December 2015; the Optimum contract was due to only expire in December 2018. In light of this information, Optimum then activated the hardship clause which simply means they went to Eskom and said 'we can no longer keep supplying coal at R150 per tonne; we want to charge you R530 per tonne, can we negotiate?'. In this conversation, Optimum was asked to prove that their cost structure was indeed too high and they could only remain alive if Eskom paid them more. They struggled to prove this and kept insisting that they were losing R100 million per month from the Eskom contract. Eskom remained unconvinced.
#16547828 at 2022-06-28 19:41:01 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16493808
"Glencore and Xstrata's chief executives' links go back to university days" - Ivan Glasenberg, Mick Davis, HSBC, Nat Rothschild, Rusal, Vallares, Tony Hayward, etc.ties
https://www.theguardian.com/business/2012/feb/07/xstrata-glencore-merger-too-many-chiefs
7 February 2012
The real drivers behind the deal were Ivan Glasenberg, chief executive of Glencore and his Xstrata counterpart Mick Davis
To prevent leaks, the codename for the takeover of Xstrata by Glencore was "Everest". The name was apt - both Sir John Bond, the chairman of Xstrata, and Simon Murray, the chairman of Glencore, are keen mountaineers.
Bond's daughter Annabelle is an accomplished mountaineer who has scaled Everest - a feat that prompted him to visit the base camp.
Bond, who is best known for his four decade career at HSBC, is to become chairman of the enlarged mining and trading organisation. An international banker, his HSBC career began in Hong Kong where he arrived having earned his sea passage from California by mopping floors on the ship.
It was not immediately clear what role would be handed to Murray, who once sat on the board of Vodafone, where Bond has also been chairman. Murray caused a row over sexism shortly after he was appointed chairman of Glencore to help facilitate its stock market flotation, when he said women were a risk to hire because they took nine months off to have children.
Murray and Bond, both septuagenarians, are thought to be well acquainted through connections in Hong Kong, though sources close to the deal insisted they were bit part players in the talks. The real drivers were Ivan Glasenberg, chief executive of Glencore, and his counterpart Mick Davis. Despite the fact that Glencore is in effect taking over Xstrata, Davis comes out top as chief executive with Glasenberg as his deputy. The pair have known each other since their days at Witwatersrand University in South Africa but have not always seen eye to eye.
Until last year Glencore was kept private, away from the glare of the stock market, while Xstrata was a public company embarking on high profile acquisitions. Glencore, which owns 34% of Xstrata, made life tricky for Davis during a rights issue in which it refused to participate in the cash call.
The flotation of Glencore last year marked the beginnings of the rehabilitation of Tony Hayward, the former chief executive of BP whose reputation was undermined by the Gulf of Mexico disaster. He became a non-executive director of Glencore as the company listed, and then popped up as a partner to the billionaire financier Nat Rothschild in an oil venture called Vallares. There is speculation Hayward will take on the crucial role of senior independent director of the enlarged company, though it was not clear last night whether he had secured that role over David Rough, the former fund manager who holds the same position at Xstrata.
The Rothshild connections run deep. Rothschild is a personal friend of Glasenberg's. Before Glencore appointed Murray as chairman, Glasenberg called Rothschild to obtain Murray's mobile phone number.
Meanwhile, Glasenberg sits on the board of Rusal, the aluminium group run by Rothschild's close contact Oleg Deripaska and where Glencore and Rothschild are leading investors. Rothschild was also a pre-flotation investor in Glencore, while the prospectus of Rothschild's coal mining group Vallar mentions Glencore 73 times, an indication of the importance of the trading group's long-term marketing deals with the group's assets.
#16500476 at 2022-06-24 15:15:35 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"UPDATE 2-Trafigura has bought out founder's family [Dauphin] stake in full - CFO" - "after record earnings in 2020"
https://www.reuters.com/article/trafigura-shareholders-idUSL1N2IP0S3
December 9, 2020
LONDON, Dec 9 (Reuters) - Commodities trader Trafigura has fully bought out the family stake of its late founder Claude Dauphin after record earnings in 2020, boosted by pandemic-related volatility and a consolidating sector, its chief financial officer told Reuters.
"The Dauphin family stake has been fully reimbursed," CFO Christophe Salmon said. As Ivan Glasenberg, in an unrelated move, prepares to step down as Glencore CEO, the buyout marks the end of the trading world's ties to the Marc Rich era. [However the legacy continues]
Dauphin, who founded Trafigura with partners in 1993, had been one of Rich's key lieutenants, along with Glasenberg, who has led Glencore for nearly 20 years.
Rich, a pioneer of modern oil trading, was a controversial figure, famously pardoned by former U.S. President Bill Clinton on charges of tax evasion.
With the reimbursement complete, Trafigura has increased the number of its senior employee shareholders to 850 from 700.
Dividends this year rose to $586 million compared with a lower-than-usual $337 million in 2019. Last year, the firm decided to cut payouts to boost equity and reduce its adjusted debt to equity ratio.
On top of the extreme market volatility caused by the COVID-19 pandemic, Trafigura's results were further boosted by falling competition from other firms. Sector consolidation accelerated in the shipping fuels market, known as bunkering.
"Small and mid-sized traders left the sector due to bankruptcy or a lack of access to financing," Salmon said.
"The bunker market in Singapore, the world's largest… is very different from a year ago. The main players are Trafigura, Vitol and Mercuria, and not the regional ones any more."
The sector has seen major defaults this year, particularly in Asia, as a sharp economic downturn due to coronavirus hit vulnerable companies and laid bare fraud.
Salmon said an initial public offering of part of the firm was not on the cards. He said the company would sell some assets next year, and was working towards completing the purchase of a stake in Russia's Vostok Oil project in the Arctic.
Last month, Russian state-owned oil firm Rosneft approved the sale of 10% of capital in the project.
Salmon said the reserves were comparable to the United States' prolific Permian basin.
In Congo Republic, Salmon said negotiations to restructure a major oil prepayment deal, key to the country's bid to unlock more cash from the International Monetary Fund, were "progressing very well".
Salmon said the firm was last month allocated its first repayment cargo by the Congolese state oil firm since early this year.
The sale of Angolan state oil firm Sonangol's 30% stake in Puma Energy, Trafigura's midstream and retail arm, was ongoing, he added, after it hired Jefferies bank to run the deal. Puma has hired ING to look at further divestments.
Puma has been loss-making since 2018 and was a sizeable impairment for the trader in 2020.
#16494782 at 2022-06-23 16:59:09 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16494769 - Another slap on the wrist… and business continues
"Israeli Mining Tycoon Dan Gertler On The U.S. Blacklist Will Benefit From Tesla's Cobalt Deal" - Glencore
https://jewishbusinessnews.com/2020/07/23/israeli-mining-tycoon-dan-gertler-on-the-u-s-blacklist-will-benefit-from-teslas-cobalt-deal/
July 23, 2020
Tesla signed a deal last month to buy 6,000 tons of cobalt from Glencore, which is obligated to pay Gertler 2.5 percent of all its revenues from Congo's mines.
Tesla last month signed an agreement to purchase 6,000 tons of cobalt from Glencore led by CEO Ivan Glasenberg.
Cobalt is a chemical element recognized as an important enabling metal where energy storage, high-temperature resilience, hardness, and process efficiency are required. Tesla intended for batteries that can be charged in the company's cars. But, like nickel, cobalt, is found in the Earth's crust only. Glencore buys cobalt from the mines in the Congo from Israeli tycoon Dan Gertler, whom the U.S. has banned financial dealings with.
According to Bloomberg, Glencore is obligated to pay Gertler 2.5% of all its revenues in the mines in the Democratic Republic of Congo - a right he acquired from the state-owned mining company Gecamines.
According to sources who spoke with Bloomberg, the material that Tesla acquires will come mostly from the mines in the Congo, so the agreement will indirectly bring Gertler several million dollars a year.
Gertler has been blacklisted by the U.S., and as of December 2017 is unable to operate in the U.S. financial system and is now expected to post an indirect profit from payments made by a U.S. company.
#16493808 at 2022-06-23 13:23:39 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16493696
>Glencore: Taking over the world? [2011]
>>16473115
>The shareholders were offered cash, not securities. Today, Cheney says, money is the only thing that matters. Management is protected by its golden parachutes, the stockholders will tender their shares to Ho Chi Minh if the price is right and a lot of the P.R. function centers on the price tag, not the quality of the offer. There have been times in the last five years when I've said to myself, 'Gee, this isn't my country any more. Something's happened.'
>>16435203
>Although Xstrata's website talks about the company's 'small beginnings a decade ago', the diversified mining giant was founded as an infrastructure and electrics company called S?delektra in Switzerland in 1926. In 1990 the company's business changed dramatically when the man who started Glencore - namely [Marc] Rich - acquired the majority of the company's shares, focused the business on mining and got rid of non-core interests.
>Rich sold his interests in S?delektra soon after his bad zinc deal and the run-in with his Glencore boys, which saw him exit the company. At one stage Xstrata was an obscure investment vehicle, but a series of aggressive acquisitions changed all that. Today Xstrata, listed on the LSE and Swiss Stock Exchange, operates in over 20 countries and employs over 70,000 people.
>>16483911
>Glasenberg called in Blair, a friend, to act as mediator for a day when Glencore and Xstrate negotiated their merger. Blair was paid $1 million for a couple of hours, the Daily Mail reported.
>>16435203
>But the listing changed all that, as did Glasenberg's next big move - pursuing Xstrata in a $33-billion deal that would see the company run by Mick Davis become a wholly owned subsidiary of Glencore. The deal has seen its fair share of action and nasty turns, which is said to have destroyed the friendship that existed between Davis and Glasenberg.
Xstrata had come full circle. Was their intention to make money from the stock market listing in order to acquire Xstrata?
"Why Poverty - Stealing Africa" [Covers Glencore, Ivan Glasenberg, Marc Rich, etc.]
https://youtu.be/VnstpUZsii8
"R?schlikon is a village in Switzerland with a very low tax rate and very wealthy residents, but it receives more tax revenue than it can use. This is largely thanks to one resident, Ivan Glasenberg, CEO of Glencore, whose copper mines in Zambia are not generating a large bounty tax revenue for the Zambians. Zambia has the third largest copper reserves in the world, but 60 per cent of the population live on less than $1 a day and 80 per cent are unemployed. Based on original research into public documents, the film describes the tax system employed by multinational companies in Africa."
56:36 - "The leak of the audit report did not upset the market. In May 2011, Glencore raised over US$10 billion making it the world's largest IPO that year. Buyers included the Church of England and the Norwegian government through its oil fund... Ivan Glasenberg made $8.8 billion on the IPO, 400 other Glencore employees made over $100 million each. In late 2012, former British Prime Minister, Tony Blair, was brought in to help negotiate an $80 billion merger between Glencore and the mining giant, Xstrata. If successful, the merger will almost double the company size and influence in the world."
[It is worth watching in full. A good summary of most of the posts above.]
#16493696 at 2022-06-23 12:51:21 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16408886
>"If they could participate in bribing and price-fixing around America, how much of that happened in Africa? How is it that SA escaped that? I don't believe that for a moment," he said
"Counting the Cost - Glencore [0:00-9:08]: Taking over the world?" [2011]
https://youtu.be/RgyqtDPY-xw
"We look at the world's biggest listed commodities trader and its controversial start to public life."
1:16 - "Valued at $58 billion, Glencore is the world's biggest listed trader of commodities by capitalization. It raised $7.9 billion in its London stock sale and has revenues of $144.9 Billion. Put in another way, same as the economic output of the whole of New Zealand. Glencore doesn't have a population of 4.2 million people, like New Zealand does. It makes do with just 55 000 employees. It operates on nearly every continent and holds stakes in public traded companies worth $30 billion and its CEO Ivan Glasenberg owns almost 16% of the company valuing his holding at $9.3 billion. Now obviously it's not illegal to be a big successful company but when one company has this influence through its size and some say even its practices, then there is a concern. Consider these stakes. The oil market, Glencore has got a 3% market share. Not huge, I'll grant you but then you get into the other numbers; copper up to 50% of that market, zinc even more, 60%, and grains 9% but think about the effect that would have on food prices. The absolute basics for so many people around the world. In fact Devin Couric, who's a researcher with grain, a non-profit organisation on food security, told Al Jazeera, "Glencore owns almost 300 000 hectares of farm land and it is one of the largest farm operators in the world. They are engaging in speculation on the grain trade and have immense market power.""
#16488683 at 2022-06-22 15:42:42 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16326145
>>16326294
>>16326385
"[Gill] Marcus appointment may be Glencore readying SA opportunity"
https://www.miningmx.com/opinion/columnists/31172-gill-marcus-appointment-may-glencore-readying-sa-opportunity/
December 8, 2017
it was Marcus who took the chairwomanship of Western Areas, a Johannesburg-listed gold company from yester-year.
At the time, Western Areas was recovering from all kinds of legacy issues, including no small degree of mischief given its links to the late Brett Kebble. It fell to Marcus - who had little mining experience - to settle the ship and eventually oversee the sale of Western Areas to Gold Fields which sought ownership of the South Deep mine in which Western Areas had a stake.
In any event, the addition of Marcus to the Glencore board is an interesting one. Ivan Glasenberg, CEO of Glencore, has never been afraid of sovereign risk provided it can be offset by opportunity. Having Marcus on his board at a time when the ANC is seeking to rediscover the morale high-ground of its roots - and weeks before a potentially crucial elective conference may just be happenstance. But it might also make perfect strategic sense. It's one to watch.
#16483942 at 2022-06-21 18:58:56 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16483911
>Glencore also recently got approval to buy Chevron's oil refining and fuel service stations in South Africa for $1 billion (about R14 billion).
"Glencore CEO at home with Cyril Ramaphosa" - "NM Rothschild in SA, which is advising Chevron on the sale"
https://www.bee.co.za/post/2018/06/28/glencore-ceo-at-home-with-cyril-ramaphosa
27 June 2018
Glencore has set its ambitions on expanding in SA, the homeland of CEO Ivan Glasenberg.
As the company's former business partner, President Cyril Ramaphosa, promises an economic recovery, Glencore is reaping profits from coal and chrome as prices rise. The company announced in October a $1bn deal to buy Chevron's oil refining and fuel service stations in SA and considered a bid for the Optimum coal mine.
The oil bid was "a strong vote of confidence in the South African environment", said Martin Kingston, CEO of NM Rothschild in SA, which is advising Chevron on the sale.
"Glencore understands the environment very well. They are effective behind the scenes and ... have their finger on the pulse."
Glasenberg, who started his career trading South African coal in the 1980s, has a wide range of business connections in the country, including Ramaphosa. They have known each other for about 30 years and cemented their partnership in 2005, when Glencore picked Ramaphosa to be its black economic empowerment partner on the Shanduka Coal project. They teamed up again in 2012 to buy Optimum Coal Holdings.
"While he [Ramaphosa] is obviously keen to attract more investment ... he will be extra careful in not granting any favours to businesses or people with whom he had previous business relationships," said Prof Anton Eberhard of the University of Cape Town.
Glencore's past relationship with Ramaphosa was likely to give the company "a higher level of confidence because they have a familiarity with his approach and philosophy", said Kingston.
"We're always happy to continue investing in SA," Glasenberg said in a February conference call with analysts.
#16483911 at 2022-06-21 18:53:11 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"A SA billionaire is on his way out - the stormy career of Glencore's Ivan Glasenberg" - Known Ramaphosa for 30 years, Paid Tony Blair $1 Million, Chevron sale
https://www.businessinsider.co.za/a-top-sa-billionaire-and-ramaphosa-ally-may-be-on-his-way-out-12-things-you-need-to-know-about-Ivan-Glasenberg-2018-10
7 December 2018
He's a close associate of president Cyril Ramaphosa
Bloomberg reports that they have known each other for about 30 years. In 2005, Glencore chose Ramaphosa to be its black economic empowerment partner on the Shanduka Coal project. They also invested together in the Optimum coal mine.
Glencore was put under pressure to sell the Optimum coal mine to a company associated with the Guptas. AGlencore also recently got approval to buy Chevron's oil refining and fuel service stations in South Africa for $1 billion (about R14 billion).
Glasenberg previously said Ramaphosa would be "a very good president".
He paid former UK premier Tony Blair over R14 million for a couple of hours' work
Glasenberg called in Blair, a friend, to act as mediator for a day when Glencore and Xstrate negotiated their merger. Blair was paid $1 million for a couple of hours, the Daily Mail reported.
He is intensely private
Glasenberg rarely gives media interviews. One of the only ones he granted was with the University of Southern California's magazine. And then he asked them to delete it from their website, The Guardian reported.
#16473725 at 2022-06-19 21:25:33 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16473717
Sorry about that, fixed post number
Glencore & Xstrata Bun
>>16405067 Glencore redirected over $75 million in mining payments to scandal-hit friend of Congolese President, Global Witness reveals
>>16405077 "Cyril Ramaphosa's history a red flag - expert" - Glencore
>>16408650 Scandal-hit mining companies BHP and Glencore pay record $12bn to investors
>>16408706 Glencore's Corruption guilty verdict vindicates Critics of the New Dawn's blind trust in dodgy Mining Houses - Zambia
>>16408715 China's GEM Co. Ltd and Glencore extend their long-term strategic cobalt partnership
>>16408721 China Huaneng Group and Glencore sign MOU on CCUS Project - Australian Funding
>>16408829 Glencore to honour pre-existing Russia contracts, no new deals
>>16408886 Calls mount for SA probe into Glencore - Ties to the ANC
>>16409418 Glencore's History - Marc Rich, Rudolph Giuliani and Bill Clinton
>>16409517, >>16409519, >>16409535 Marc Rich's ties to Apartheid (Parts 1 & 2)
>>16413886 Rich was spy for Israel - fugitive fat cat also offered aid to CIA & others
>>16413927 Marc Rich, "A Citizen of the World"
>>16414246 "The toxic chocolatier - The case for prosecuting Glencore executives" - namely Ivan Glasenberg
>>16414359, >>16435203, >>16435207, >>16435212 Ivan Glasenberg
>>16415399, >>1615402, >>16415414 Revealed: Glencore bankrolled covert campaign to prop up coal (Parts 1-3)
>>16415450 Glencore: the monster has landed!
>>16415472 Glencore prepares to join FTSE amid scrutiny of Namibia court battle
>>16418776 Glencore 'linked to Colombian terrorist group'
>>16418782 Glencore - "Funding violence against anti-mining activists", "Poisoning vital water supplies", "Bribery and corruption"
>>16418789 Glencore traded with Iranian supplier to nuclear programme
>>16418795 "Glencore Paid Judges To Make Cases Disappear" Tony Yengeni Spills Beans" - South Africa
>>16425138 How Marc [Rich] helped plunder Russia
>>16425794, >>16425799 "The Slimy Trail of Marc Rich: How One of the Clintons' Best Friends Gave the Gift That Keeps on Giving" (Parts 1 & 2)
>>16425988 Glencore is more of a crime syndicate than a business
>>16435509 Glencore CEO & List of Directors 2021
>>16436784 Rusal, Sual To Create Russian Aluminum Giant - Merge with Glencore
>>16441395 Mick Davis launches $300 million battery metals SPAC
>>16441420 Former Glencore trader pleads guilty in New York over Nigerian oil bribery scheme
>>16441434 Glencore Reaches $9.85 Million Zinc Rigging Settlement in New York
>>16444132 Glencore, Edelweiss offices raided over probe into pulses price fixing"
>>16444440, >>16444450, >>16444460, >>16444468 Marc Rich and the Shipping Research Bureau
>>16452297, >>16452311, >>16452318, >>16452371, >>16452388, >>16452393, >>16452396 Paradise Papers: Glencore hid link to ghost shipping fleet during Iran scandal (Parts 1-7)
>>16452412 Lawsuit Against Anti-Iran Group Dismissed Over US State Secrets
>>16455295, >>16455319 Eric Holder's Connection to Marc Rich (Parts 1 & 2)
>>16462506, >>16462522, >>16462529, >>16462534 The ANC's Oilgate" - Glencore, Iraq ties (Parts 1-4)
>>16472648, >>16472656, >>16472661 Bill Clinton's pardon of fugitive Marc Rich continues to pay big (parts 1-3)
#16473717 at 2022-06-19 21:24:21 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
Glencore & Xstrata Bun
>>16405067 Glencore redirected over $75 million in mining payments to scandal-hit friend of Congolese President, Global Witness reveals
>>16405077 "Cyril Ramaphosa's history a red flag - expert" - Glencore
>>16408650 Scandal-hit mining companies BHP and Glencore pay record $12bn to investors
>>16408706 Glencore's Corruption guilty verdict vindicates Critics of the New Dawn's blind trust in dodgy Mining Houses - Zambia
>>16408715 China's GEM Co. Ltd and Glencore extend their long-term strategic cobalt partnership
>>16408721 China Huaneng Group and Glencore sign MOU on CCUS Project - Australian Funding
>>16408829 Glencore to honour pre-existing Russia contracts, no new deals
>>16408886 Calls mount for SA probe into Glencore - Ties to the ANC
>>16409418 Glencore's History - Marc Rich, Rudolph Giuliani and Bill Clinton
>>16409517, >>16409519, >>16409535 Marc Rich's ties to Apartheid (Parts 1 & 2)
>>16413886 Rich was spy for Israel - fugitive fat cat also offered aid to CIA & others
>>16413927 Marc Rich, "A Citizen of the World"
>>16414246 "The toxic chocolatier - The case for prosecuting Glencore executives" - namely Ivan Glasenberg
>>16414359, >>16435203, >>16435207, >>16435212 Ivan Glasenberg
>>16415399, >>1615402, >>16415414 Revealed: Glencore bankrolled covert campaign to prop up coal (Parts 1-3)
>>16415450 Glencore: the monster has landed!
>>16415472 Glencore prepares to join FTSE amid scrutiny of Namibia court battle
>>16418776 Glencore 'linked to Colombian terrorist group'
>>16418782 Glencore - "Funding violence against anti-mining activists", "Poisoning vital water supplies", "Bribery and corruption"
>>16418789 Glencore traded with Iranian supplier to nuclear programme
>>16418795 "Glencore Paid Judges To Make Cases Disappear" Tony Yengeni Spills Beans" - South Africa
>>16425138 How Marc [Rich] helped plunder Russia
>>16425794, >>16425799 "The Slimy Trail of Marc Rich: How One of the Clintons' Best Friends Gave the Gift That Keeps on Giving" (Parts 1 & 2)
>>16425988 Glencore is more of a crime syndicate than a business
>>16435509 Glencore CEO & List of Directors 2021
>>16436784 Rusal, Sual To Create Russian Aluminum Giant - Merge with Glencore
>>16441395 Mick Davis launches $300 million battery metals SPAC
>>16441420 Former Glencore trader pleads guilty in New York over Nigerian oil bribery scheme
>>16441434 Glencore Reaches $9.85 Million Zinc Rigging Settlement in New York
>>16444132 Glencore, Edelweiss offices raided over probe into pulses price fixing"
>>16444440, >>16444450, >>16444460, >>16444468 Marc Rich and the Shipping Research Bureau
>>16452297, >>16452311, >>16452318, >>16452371, >>16452388, >>16452393, >>16452396 Paradise Papers: Glencore hid link to ghost shipping fleet during Iran scandal (Parts 1-7)
>>16452412 Lawsuit Against Anti-Iran Group Dismissed Over US State Secrets
>>16455295, >>16455319 Eric Holder's Connection to Marc Rich (Parts 1 & 2)
>>164562506, >>16462522, >>16462529, >>16462534 The ANC's Oilgate" - Glencore, Iraq ties (Parts 1-4)
>>16472648, >>16472656, >>16472661 Bill Clinton's pardon of fugitive Marc Rich continues to pay big (parts 1-3)
#16452311 at 2022-06-15 20:50:38 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"Paradise Papers: Glencore hid link to ghost shipping fleet during Iran scandal" - Part 2
https://www.afr.com/policy/tax-and-super/paradise-papers-glencore-hid-link-to-ghost-shipping-fleet-during-iran-scandal-20171105-gzf0sz
November 6, 2017
Shadow treasurer Joe Hockey taunted the government, repeatedly citing Glencore CEO Ivan Glasenberg's comparison of Australia to the Congo: "At least in the Congo they need you. They want you there. And if they start changing the rules on you, you may not continue investing."
Today SwissMarine owns 11 Capesize vessels - the huge ships that carry coal and iron ore - and charters another 156 ships.
SwissMarine ships are regular visitors to Australian ports, carrying coal, iron ore and grain for BHP, Rio Tinto and Glencore
Glencore has its own subsidiary, ST Shipping, that operates ships under a tax-free deal with Singapore. So why would a commodities trader need or want a secret holding in another shipping fleet?
In its early days Glencore, then known as Marc Rich & Co AG, had a colourful reputation, notably for buying oil from Iran during the 1979 Teheran hostage crisis.
"Marc Rich knew how to deliver," Rich biographer Craig Copetas told German broadcaster WDR. "He knew how to do that on time and in massive amounts. You want oil in South Africa during an oil embargo - you call Marc Rich. He gets it there.
"You know how hard it is to get tankers of oil in and out of a sanctioned country? Marc Rich knew how to do it. It is all in the traffic."
By traffic, Copetas means shipping.
In February 2001, Glencore had just begun paying kickbacks to the Iraqi government for oil shipments in a breach of the UN's Oil For Food program, the 2005 Volcker report concluded (Glencore denied any knowledge that its agents paid up to $US25 million in kickbacks).
In February 2001, Glencore had just begun paying kickbacks to the Iraqi government for oil shipments in a breach of the UN's Oil For Food program, the 2005 Volcker report concluded (Glencore denied any knowledge that its agents paid up to $US25 million in kickbacks).
It was also that month, on February 2 and February 28 in 2001, that two Iraqi oil shipments bound for the US were diverted to Singapore and Croatia, where Glencore stood to make up to $7 million in extra profit (Glencore denied any intention to breach UN Oil For Food rules).
#16444758 at 2022-06-14 14:45:22 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16435203
>Glasenberg is reportedly so fanatical about his privacy that, when Glencore listed, a top UK law firm Schillings was retained to try to prevent journalists from digging into the billionaire's private life. Schillings - famous for its gagging orders - directed letters to media companies in England to warn editors to only focus on the business aspects of the listing.
"Breakingviews - Review: The wild history of the commodities boys" (2 of 2)
https://www.reuters.com/article/us-global-commodities-breakingviews-idUSKBN2AQ1YL
February 26, 2021
The depth of the reporting by the Bloomberg journalists, who previously worked for the Financial Times, is impressive. Details of Monsieur Ndolo's cameo come from the man himself. The authors also conducted a five-hour "combative" interview with pugnacious Glencore boss Ivan Glasenberg. And they join the dots. One fascinating passage charts Glencore's role in pushing for an export ban on Russian grain, how its surreptitious long position benefited from the subsequent jump in prices, and how those dislocations ultimately fed through to the popular risings of the 2011 Arab Spring.
The heyday of Rich and his cohorts looks to be long gone. Even if modern traders remain unconstrained by ethical considerations, practical ones loom. The banks on which they depend for credit lines are now wary of U.S. sanctions or being labelled pariahs by environmentally and socially conscious investors. The practice of paying bribes to officials and fixers in tricky jurisdictions, which in Switzerland were hilariously treated as tax-deductible expenses, is more likely to be punished. It's also harder to carve out an information advantage when everyone is online and satellites can track oil tankers. Glasenberg long ago realised he needed to be a miner as well as a trader and snapped up cheap mines, a strategy that paid off spectacularly when China's breakneck growth sent commodity prices soaring.
Traders remain major players in commodity markets. When U.S. oil prices briefly turned negative last April, Glencore snapped up the dirt-cheap crude, stored it in a massive tanker in the Strait of Malacca and wound up making $1.3 billion in the first half of the year. New tariffs and other trade barriers could also open up fresh opportunities. But if it becomes harder for this group of swashbucklers to nonchalantly change the course of world history, that would be no bad thing.
#16436854 at 2022-06-12 21:20:28 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16436784
>Russian aluminum producers Rusal Ltd. and Sual Group on Monday announced a three-way merger that would create the world's largest producer of aluminum, continuing a bigger-is-better trend sweeping the metals industry.
>>16436216
>>16409418
>>16413886
>>16414246 - Boards Where Ivan Glasenberg Serves - Rusal Plc, since 2007 >>16408829
It's all connected
Viktor Vekselberg founded SUAL
https://www.skoltech.ru/en/team/viktor-vekselberg/
1990, together with his partners, Viktor Vekselberg co-founded Renova Group later became one of the largest diversified investment companies in Russia. Subsequently, Viktor Vekselberg bought out his business partners. In 1996, Renova founded SUAL Holding, and Viktor Vekselberg became its President and later in 2003 its Board Chairman. In 2007, SUAL Holding merged with Russian Aluminium into UC Rusal, and until 2012, Viktor Vekselberg chaired the board of the newly formed company. In 2002 - 2003, he chaired the Board of the Tyumen Oil Company (TNK), and in 2003 - 2013 was a member of the TNK-BP Board of Directors. In 2010, Renova shifted its investment focus onto solar power generation, and in 2013, the Group made an exit from the oil and gas business. [Going green?]
In 2010, Viktor was elected as Head of the Skolkovo Innovation Center project. In 2019 - 2020, he chaired the Skolkovo Board of Directors, and from 2020, he has been a member of the Board. In 2021, appointed as Chairman of the Skoltech Board of Trustees.
Viktor Vekselberg is a member of the Management Board of the Russian Union of Industrialists and Entrepreneurs, he chairs its Committee for International Cooperation and is a member of several transnational business councils (Russia-Germany, Russia-Italy, Russia-France, Russia-Switzerland, Russia-China). Viktor Vekselberg is a member of the Donor Group of Avenir Suisse, a think tank based in Switzerland.
Charity
Viktor spends a considerable amount of his time on charity, he supports museums and theaters. In 2004, he founded the Link of Times charity foundation with a mission to repatriate lost artworks. In 2004, Viktor Vekselberg purchased the world's largest collection of imperial Easter eggs by Carl Faberg? and gave it a home at a museum he founded in St. Petersburg which has now become one of the largest private museums in Russia. He is a trustee of the Tretyakov Gallery and Chairman of Honor of the Board of Trustees of the Jewish Museum and Tolerance Center and the founder of its Endowment. Also sponsors the annual Moscow Easter Festival, with Maestro Valery Gergiev as its artistic director, and the international music festivals in Verbier and Lucerne (Switzerland). He is a member of the Bureau of the Presidium of the Russian Jewish Congress and is its Counsellor for Countering Antisemitism. Member of the Council of Patrons of the Conference of European Rabbis.
#16435212 at 2022-06-12 14:51:08 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"Gary Nagle to replace Ivan Glasenberg and guide Glencore into its greener future"
https://www.dailymaverick.co.za/article/2020-12-06-gary-nagle-to-replace-Ivan-Glasenberg-and-guide-glencore-into-its-greener-future/
6 December 2020
The big focus will be on the group's coal business, which Nagle has been running since 2018.
Ivan Glasenberg will step down next year as CEO of Glencore, which under his direction has grown into one of the world's largest natural resource companies. He will be replaced by another South African, Gary Nagle, who will oversee the low-carbon transition the world's top coal exporter has outlined.
Glasenberg, 63, has been at the helm of Glencore since 2002 and oversaw its megamerger with Xstrata, one of the largest such deals in mining history. Nagle, 45, has commerce and accounting degrees from Wits and is currently global head of Glencore's coal industrial business. He will move from his Australian base to Switzerland early in the new year to work on the transition. South Africa, it seems, still produces top mining executives.
Glencore's tentacles reach out across the commodity value chain, and its trading divisions set it apart from many of its mining peers - even when prices are depressed, commodities get traded, generating revenue. The company is one of the world's leading marketers of crude oil. Its production assets include copper, cobalt, nickel, zinc, lead and ferroalloys such as chrome ore. It is a major marketer and trader of iron ore. The company also has recycling operations.
Glencore also said it was targeting net-zero emissions by 2050, a goal that has also been announced by BHP and Rio Tinto, while Anglo American is aiming for 2040.
#16435207 at 2022-06-12 14:50:15 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"Ivan Glasenberg, obscure billionaire no more" - Part 2
https://www.dailymaverick.co.za/article/2013-02-06-Ivan-Glasenberg-obscure-billionaire-no-more/
6 February 2013
To add fuel to this fire, the BBC recently aired a documentary on Glasenberg, Glencore and the tax quandary R?schlikon is dealing with. The film opens with a black screen on which the question is written: "How much profit is fair?" This is followed with footage of the idyllic village with its pristine streets, houses and waterways.
"Real estate prices are booming, unemployment is virtually non-existent, and social problems are few and rare," the voice continues. The documentary tells the story of how one of R?schlikon's five thousand or so inhabitants gave it a massive tax windfall. "However, Glencore's copper mines in Zambia don't generate similar tax windfalls for Zambians," the makers of the film state. "The country has the third largest copper reserves in the world, but 60% of the population live on less than $1 a day and 80% are unemployed."
The fact that Glencore taxes have made R?schlikon so rich becomes darkly ironic when it is learned that the multinational was accused of evading taxes in Zambia. The charities received a leaked report which alleges Glencore increased costs in a mining operation in the copper-rich country between 2006 and 2008, as a means of tax avoidance. Glasenberg's company denied the charges, but this didn't stop the European Investment Bank freezing loans to the company because it had "serious concerns" about Glencore's corporate governance. Back in Zambia, this case, which involved Glencore's Mopani copper mines in that country, has become a rallying point for activists who believe the billions should be going to Zambian development.
But why should you care about Glencore? Glencore is the company that sources, produces, processes, refines, transports, stores, finances and supplies the stuff that makes all the other stuff that comprises our world. Whether its zinc, copper, lead, nickel iron ore, coal, crude oil, oil products, wheat, corn, sugar, cotton, biofuels, edible oils, or rice Glencore buys, sells, finances, grows, mines, makes or processes it.
The problem for South Africa is to fully understand what this merger could mean to local coal prices. The cost of coal directly affects the electricity rate given how dependent Eskom is on coal. Strangely enough, Eskom had significant concerns about the Glencore/Xstrata merger, citing that a giant merged entity would "influence domestic coal prices and take advantage of the utility's supply shortfalls," Mail & Guardian reported at the end of January 2013.
Curiously, Eskom withdrew its objections and the merger went through the competition authorities.
As Glasenberg stepped into Davos end January for the World Economic Forum (WEF), back home in R?schlikon his postal box was shattered by an explosion that activists later claimed responsibility for. The anti-WEF agitators also claimed responsibility for a minor blast that shattered a window of the Zurich branch of Credit Suisse. The Glencore CEO is hurtling along a trajectory that appears to merge the apex of his success with proper spotlight, and detractors are starting to get angry.
#16435203 at 2022-06-12 14:49:22 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"Ivan Glasenberg, obscure billionaire no more" - Part 1
https://www.dailymaverick.co.za/article/2013-02-06-Ivan-Glasenberg-obscure-billionaire-no-more/
6 February 2013
In Zambia, unemployment hovers at about 80%, and 60% of the population lives on less than a dollar a day. Seven thousand kilometres north, you'll find a wealthy Swiss hamlet called R?schlikon, where a powerful South African-born commodity trader lives, close to the mega-multinational he runs. This is the story of Ivan Glasenberg, whose time of relative obscurity may have just ended. By MANDY DE WAAL.
Glasenberg is reportedly so fanatical about his privacy that, when Glencore listed, a top UK law firm Schillings was retained to try to prevent journalists from digging into the billionaire's private life. Schillings - famous for its gagging orders - directed letters to media companies in England to warn editors to only focus on the business aspects of the listing.
But the listing changed all that, as did Glasenberg's next big move - pursuing Xstrata in a $33-billion deal that would see the company run by Mick Davis become a wholly owned subsidiary of Glencore. The deal has seen its fair share of action and nasty turns, which is said to have destroyed the friendship that existed between Davis and Glasenberg. Davis was earmarked to run the merged company, while Glasenberg said he'd do what he loved best - vacate the CEO's seat to get back to trading. But then followed a flip-flop that proposed Davis be ousted and Glasenberg was firmly positioned for the helm.
Although Xstrata's website talks about the company's 'small beginnings a decade ago', the diversified mining giant was founded as an infrastructure and electrics company called S?delektra in Switzerland in 1926. In 1990 the company's business changed dramatically when the man who started Glencore - namely Rich - acquired the majority of the company's shares, focused the business on mining and got rid of non-core interests.
Rich sold his interests in S?delektra soon after his bad zinc deal and the run-in with his Glencore boys, which saw him exit the company. At one stage Xstrata was an obscure investment vehicle, but a series of aggressive acquisitions changed all that. Today Xstrata, listed on the LSE and Swiss Stock Exchange, operates in over 20 countries and employs over 70,000 people.
Glencore currently owns a 33.65% share in Xstrata, which produces copper, zinc, nickel and vanadium. Xstrata today is a major coal producer and the biggest exporter of thermal coal. Interestingly enough, at the same time that Xstrata listed, it acquired all of Glencore's coal assets in SA and Australia. "A string of deals saw Glencore become the world's largest shipper of coal used by power stations," writes Reuters. "A plan to spin off the coal unit was scrapped after the 9/11 terrorist attacks and Glencore instead sold the coal assets to Davis at Xstrata, in which Glencore at the time had a stake of about 40%."
The Glencore listing propelled Glasenberg to the top of an elite rich list, but the Glencore-Xstrata monster merger will make him even richer. However, these events have brought with them the floodlights of a certain kind of fame. Gone are the days when Glasenberg was a trading great who was relatively unknown.
#16425988 at 2022-06-10 17:20:22 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"Glencore is more of a crime syndicate than a business"
https://www.iol.co.za/business-report/opinion/glencore-is-more-of-a-crime-syndicate-than-a-business-b05f6386-4c96-418a-94a6-d1d6bfe5762d
May 31, 2022
Glencore, the largest natural resources company in the world, is more of a crime syndicate than a business.
After becoming a fugitive for 18 years and being on the FBI's Ten Most Wanted List, President Bill Clinton pardoned [Marc Rich]
Today, Marc Rich's successor companies, Glencore Xstrata and Trafigura, control the price of just about every commodity.
They also dominate a considerable share of South African and global natural resources, led by South African billionaire Ivan Glasenberg who worked for Rich in the 1980s.
Another one of Rich's students is Alan Duncan, a British minister between 2010 and 2019. During his employment at Rich's company, Duncan violated sanctions in the 1980s by supplying oil to South Africa. He is alleged to have moved oil from Brunei to Durban and earned about ?100K a year in the process.
John Deuss is another one of Marc Rich's proteges. Deuss, a Dutchman described as "sleazy", supplied 57% of South Africa's oil imports by 1981, and made $500 million.
Deuss used false flags, forged cargo papers and mid-sea cargo transshipments to move oil for the Apartheid regime.
In 1991, he signed a new contract to supply 45 000 barrels per day, an increase of 15 000 from the previous year.
These examples are to demonstrate the calibre of individuals that led Marc Rich + Co./Glencore.
Fast forward to 2021, former Glencore CEO Ivan Glasenberg refused to appear before the State Capture Commission after he was implicated as being the "mastermind" behind the "collapse" of Eskom, after allegedly bribing the current president of South Africa, Cyril Ramaphosa with a chairmanship at one of his mining companies in 2012.
Glencore and Ramaphosa first did business together in 2005 when Glasenberg picked Ramaphosa's company, Shanduka as its BEE partner on a coal export project before joining forces again in 2012 to supply coal via Glencore subsidiary, Optimum.
The allegations against Glencore were as follows: Cyril Ramaphosa was given a 9.64% stake in Glencore and become Chairman after the company had bought Optimum Coal Holdings (Eskom's coal supplier in 2011).
According to former Eskom GCEO Brian Molefe, Glasenberg and Glencore appointed Ramaphosa to Optimum, to exert "political influence and the extent to which Glencore would be able to exert pressure on Eskom directors and management."
In 2014, Glencore subsidiary Optimum, chaired by Ramaphosa, renegotiated a 40-year coal contract with Eskom, demanding an increase from R150 to R530 a ton and a waiver of the R2 billion penalties accrued from failing to meet the existing supply agreement.
When Eskom tried to enforce the penalties, they were threatened with Ramaphosa's name, according to former Eskom Interim CEO Matshela Koko, while the Glencore subsidiary claimed it only owed R16 million in penalties.
To further show the decades-old culture of skullduggery at Glencore; Clinton Ephron, who was Optimum CEO at the time Ramaphosa was appointed to chair the company's board, went to the State Capture Commission and lied under oath saying Ramaphosa was never the Chairman of Optimum.
In February 2022, Glencore set aside $1.5 billion to be used to pay fines for bribing government officials and market manipulation in Brazil, Britain, the DRC, Nigeria, the US, and Venezuela.
Yet, interestingly, the South African government, under Ramaphosa, has raised no complaints against Glencore.
#16418789 at 2022-06-09 12:03:18 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"Glencore traded with Iranian supplier to nuclear programme"
https://www.theguardian.com/business/2013/apr/21/glencore-trade-iran-supplier-nuclear
21 April 2013
One of Britain's biggest companies has made millions of pounds selling goods to Iran, including to a state-owned firm that supplies the regime's nuclear programme.
Glencore, a commodity trading house run by the billionaire Ivan Glasenberg, traded $659m (?430m) of goods, including aluminium oxide, to Iran last year, the Guardian has established.
The company, which is one of the biggest businesses in the FTSE 100 and has a market value more than three times that of Marks & Spencer, has admitted that some of its aluminium oxide ended up in the hands of Iranian Aluminium Company (Iralco).
Trafigura, another commodity trading house, has also admitted to trading an unspecified aluminium oxide (also known as alumina) with Iralco in the past.
The International Atomic Energy Agency has named Iralco as supplying aluminium to Iran Centrifuge Technology Company (Tesa), which is part of the Atomic Energy Organisation of Iran (AEOI). Aluminium oxide is an important material in gas centrifuges used to enrich uranium.
At the time of the Glencore and Trafigura trades with Iralco, it was not illegal or a breach of sanctions to supply Iran with alumina. It is unknown whether Glencore or Trafigura's alumina passed from Iralco to Tesa, or whether it was used in centrifuge construction.
Since 2006, AEOI has been subject to UN sanctions designed to prevent a drive by Iran toward nuclear armament. Trading with Tesa has been specifically banned under US, EU and UK sanctions since July 2010. Iralco was added to the EU sanctions list in December 2012.
Glencore said it "ceased transactions" with Iralco immediately when it learned of its links with Tesa, and the last trade was in October 2012. "Prior to EU sanctions in December 2012, we were not aware of a link/contract between Iralco and Tesa," the company said in a statement.
Glencore said it is "reliant on the relevant regulatory bodies/governments to advise us on developments in who we can/can't do business with".
Tehran, which some experts say already has enough enriched uranium to make several nuclear weapons, is in the middle of upgrading its stock of more than 10,000 centrifuges. The IAEA said Iran is replacing outdated centrifuges with thousands of more powerful IR-2m models.
Mark Wallace, a former US ambassador to the UN, said Glencore's dealings with Iran were "completely unacceptable", adding: "We might expect this from a Russian or Chinese company, but the truth is that even those companies usually stay away from this sort of exposure."
The Guardian has learned that Glencore traded $659m worth of metals, wheat and coal with Iranian entities during 2012. Buried deep in its annual report, one of Glencore's US affiliates, Century Aluminium, 46% owned by Glencore, states: "During 2012 non-US affiliates of the largest stockholder of the company [Glencore] entered into sales contracts for wheat and coal as well as sale and purchase contracts for metal oxides and metals with Iranian entities, which are either fully or majority owned by the GOI [government of Iran]."
Glencore declined to state how much of the $659m it dealt with Iran in 2012 was related to alumina/aluminium. The trades were not illegal or against sanctions at the time. It is not the first time Glencore's activities have attracted controversy. Last year the head of its food trading business said the worst drought to hit the US since the 1930s would be "good for Glencore" because it would lead to opportunities to exploit soaring prices. It has also attracted attention by selling more than ?50m worth of wheat to the World Food Programme.
Trafigura, which came to global political attention when it was revealed that a licensed independent contractor of a ship it had chartered dumped tonnes of toxic oil slops in Ivory Coast, said: "We can confirm that Trafigura has traded with Iralco in the past. In October 2011, a physical swap agreement was reached whereby Trafigura provided alumina to Iralco in return for aluminium for Trafigura to export worldwide. No deliveries have been made or exports received since new EU sanctions were published in December 2012. Trafigura Group companies are compliant with national and international law where applicable."
#16418776 at 2022-06-09 11:56:08 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"Glencore 'linked to Colombian terrorist group'"
https://www.timeslive.co.za/sunday-times/lifestyle/2014-07-13-glencore-linked-to-colombian-terrorist-group/
13 July 2014
Glencore, the largest mining company listed on the JSE and headed by South African Ivan Glasenberg, has been accused in a new 245-page report of mining and exporting "blood coal" from Colombia.
The report, "The Dark Side of Coal", published by Dutch nongovernmental organisation PAX in Germany last week, says that Glencore's Colombian arm, Prodeco, secretly supported the right-wing United Self-Defense Forces of Colombia (known by the Spanish acronym AUC) during that country's bloody civil war.
The AUC was listed by the US State Department as a terrorist organisation in 2005 and demobilised in 2006 after peace negotiations with the Colombian government. Colombia has not resolved its problems yet and the government is still negotiating with left-wing FARC guerrillas in Cuba.
Although the accusations against Glencore date back more than a decade, the report is likely to heighten scrutiny of the way it operates in some of its coal markets.
It has faced claims of tax dodging in Zambia and the Democratic Republic of Congo and of selling materials to Iran for its nuclear programme.
In South Africa, communities who live on its coal mines in Belfast, Mpumalanga, accused Glencore of trampling their rights to blast for new mines in March. Glencore, which is South Africa's largest exporter of coal, has denied all these claims
In the Colombian case, Glencore is said to have supported the AUC to counter kidnappings and attacks on infrastructure conducted by left-wing guerrilla groups FARC and the ELN.
The new Colombian accusations are based largely on the testimony of Jos? del Carmen Gelvez Alvarrac?n, known as "El Canoso", who was first hired as an intelligence agent by the Colombian army and then became a defence contractor for Glencore's security department in 1996, before joining the AUC in 2003.
Gelvez described meetings that took place since 1996 between the AUC and Glencore's security department head, Manuel Guti?rrez.
He testified that he and Glencore's managers, Manuel Guti?rrez and Luis Ochoa, "drove in a pick-up truck to a farm named La Ucrania …
"On entering, we saw approximately 30 people dressed in camouflage, who introduced us to the commander who went by the alias Lucho," says the PAX report.
"Manuel Guti?rrez, as head of the security department, spoke on behalf of the company, Prodeco, about providing this group of the AUC with whatever support it might need.
"It was clear that there was a direct link between the company and the AUC."
Colombia's 50-year civil war between the state and left-wing guerrillas groups reached a climax between 1994 and 2006 with the introduction of the AUC, which was created, financed and supported by drug cartels, members of the Colombian elite, the army, local businesses and multinational companies.
The AUC was created to counter the ever-increasing size and power of FARC and the ELN, but it was also used to consolidate drug trafficking routes, murder labour union leaders and displace farmers to allow for illegal land grabs from local elites and foreign companies. Glencore-Prodeco has denied owning land that belonged to farmers displaced by the AUC. It has also denied ever having any kind of link with the right-wing forces.
Glencore has criticised the report for being one-sided and uncritical in terms of evaluating the testimonies of former paramilitaries.
The company said it had contacted the human rights organisations involved in March, when the report was being written, but PAX did not include its objections in the final draft.
Last month, Glencore's head of sustainability, Dr Michael Fahrbach, sent a letter to PAX saying: "The report is distorted and unbalanced, and blindly follows accusations made by a condemned criminal, which came up years ago, in a judicial hearing to which we had no access and didn't have the right to be heard."
#16414359 at 2022-06-08 15:22:28 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
>>16303484
>"90% of all Jews in South Africa are Litvaks [Lithuanians]" - https://vilnews.com/2011-01-litvaks-in-south-africa
"Ivan Glasenberg - Biography Of South African Mining Billionaire" - Glencore
https://www.entrepreneurs.ng/Ivan-Glasenberg/
April 30, 2020
Ivan Glasenberg is the chief executive officer of Glencore, a successful commodity trading and mining company. Ivan is also on the board of Minara Resources Ltd. He is a citizen of South Africa, Australia as well as Swiss.
Ivan was born on 7th January, 1957 in South Africa. His parents names are Samuel Glasenberg (a former luggage manufacturer and importer born in Lithuania) and Blanche Vilensky.
While growing up, he lived in Illovo, Gauteng with his family. As a young boy, Glasenberg was an athlete and interestingly, became a national junior champion in race walking in his early 20s. He is a champion race walker for both South Africa and Israel.
His Journey To Glencore International
Glencore is an abbreviation of Global Energy Commodity Resources. It is a British multinational commodity trading and mining company founded as Marc Rich & Co. AG in 1974. The founder's name is Marc Rich, a billionaire commodity trader. Glasenberg joined Glencore in 1984 working in the coal department in South Africa and Australia.
Also, he managed Glencore's Hong Kong and Beijing offices from 1989 to 1990. Due to hard work and dedication to duties, he became the head of the company's coal department in 1991. Then, in 2002, he became the CEO of Glencore.
Glencore Xstrata
On May 2nd, 2013, Glencore and Xstrata merged to create a multi-billion mining company. After the merger, Glasenberg assumed the position of the CEO.
Meanwhile, it was reported that Mick Davis (Xstrata CEO) was supposed to be the CEO while Ivan would be the President in a merger-of-equals transaction.
But during the negotiations, the commodities trader, Glencore increased its offer for Xstrata to 3.05 Glencore shares for each of Xstrata's share. This was largely after Qatar sovereign wealth fund, Xstrata's second-largest investor, threatened to block the deal. Glencore had previously offered 2.8 shares for each of Xstrata's shares.
After the merger, Glasenberg became the CEO while Davis left the company in July 2013.
Boards Where Ivan Glasenberg Serves
- Xstrata Plc, Executive director, since 2002
- Minara Resources Ltd, Non-Executive director, since 2000
- Rusal Plc, since 2007 >>16408829
- Century Aluminum Co, between 2010-2011
Loss Faced By Ivan Glasenberg
Glasenberg faced his fair share of loss in August 2011. Due to economic climate, he lost GB?788 million as his share price dropped by 13.2% leaving his 15.8% of the company worth GB?4.7billion.
However, Ivan being a future-forward businessman started buying shares of Glencore with his dividends that same year. He bought additional US$54million of Glencore stock.
As of April 2012, he held more than 15% of Glencore's stock. This made him the 20th richest mining billionaire with Forbes estimating his net worth at US$7.3billion.
#16414246 at 2022-06-08 15:01:41 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"The toxic chocolatier - The case for prosecuting Glencore executives" - namely Ivan Glasenberg
https://www.dailymaverick.co.za/article/2022-05-31-the-toxic-chocolatier-the-case-for-prosecuting-glencore-executives/
31 May 2022
By pleading guilty to decades of bribery, corruption and price manipulation around the world, Glencore confirmed a poorly kept secret - criminality was a key pillar of the company's business model.
Yet the company's executives, including South African Ivan Glasenberg, became extraordinarily wealthy on the back of this criminal system.
As Manhattan US Attorney Damian Williams commented at a media conference last week, "Bribery was built into the corporate culture."
Who drove this culture? Not the middle management, according to US law enforcement, who went on to add that:
"The tone from the top was clear: whatever it takes."
Glencore traders used the codeword "chocolates" for bribe payments, hardly an effort to hide the practice from their seniors.
One executive who cashed in during this period was Glencore's CEO, Ivan Glasenberg. Born and educated in South Africa, and now an Australian citizen living in Switzerland, Glasenberg was at the helm of Glencore for nearly two decades - from 2002 to 2021 - a period in which this system of bribery was created and entrenched.
Today, Glasenberg's wealth is estimated at R135-billion. Though he resigned in 2021, he still has a 9% stake in Glencore.
It is not yet clear which executives the US Attorney refers to when saying that Glencore's corruption was encouraged by "top executives".
Take Glasenberg's mentor, Marc Rich, the commodity trader who, by hook or by crook, established the Glencore empire. Rich is perhaps the most infamous oil and commodities trader of all time, trading with autocrats and war criminals around the world.
Glasenberg is the scion of Rich, starting work as a coal trader for Marc Rich & Co just after Rich was indicted in 1983 in the US on tax evasion charges and fled to Switzerland. This also coincided with a period in which the apartheid regime's coal exports were under a growing global embargo for gross human rights violations, just like Russia faces today.
Glasenberg and Rich's other prot?g?s would go on to build and lead global commodities giants such as Glencore and Trafigura. Rich was never held to account.
Rich is the rule, not the exception. High-flying CEOs become billionaires leading multinational corporations, but are rarely held to account for crimes committed by those companies with their knowledge.
A good example is the CEOs of the banks and other financial institutions responsible for the 2008 global financial crisis and the catastrophic human costs that followed.
While US authorities collected billions in fines linked to this mass fraud, only one Wall Street banker was convicted. In this context, executives know that violation of the law in pursuit of profit is a lucrative strategy with little personal risk.
It is encouraging that the US settlement agreement does not preclude criminal prosecution of any Glencore executives. Further, there are ongoing investigations by authorities in Switzerland and the Netherlands.
Where there is sufficient evidence, criminal prosecutions must follow - and speedily.
Only this can change the calculus for corporate executives and ensure that economic crime doesn't pay.
#16409418 at 2022-06-07 16:08:57 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
Glencore's History - Marc Rich, Rudolph Giuliani and Bill Clinton
https://www.glencore.com/south-africa/who-are-we
Glencore's marketing activities in South Africa began in 1974, with mining starting 14 years later, in 1988. Over the years, we have established a strong presence in South Africa's coal and ferroalloy sectors, and have become a major contributor to the country's local, provincial and national economies.
"The four-decade story of Glencore's explosive rise and fall"
https://www.businessinsider.com/glencores-history-and-what-happened-to-the-company-2015-10?op=1&r=US&IR=T
Oct 7, 2015
The company's name doesn't give much away about what it does, and it's a relative newcomer to the public markets, listing on the London Stock Exchange in 2011.
But it's important to understand what trouble at Glencore means because of the huge size of the company's debt pile, banks' exposure to it and its role in the world economy as a producer and trader of more than 90 commodities.
So here's an explainer of Glencore's mess is and how it got there.
The story starts with Belgian-born commodities billionaire Marc Rich, who, in 1974, circumvented the Arab oil embargo to buy oil from Iran and Iraq for $12 a barrel and sell it for a huge profit to US companies.
With the profits, Rich founds Marc + Co. AG in 1974. The company focuses on trading metals and oil.
In 1981, the company acquired a Dutch grain trading business, expanded into agricultural commodities and adds coal to its list of traded products.
In 1983, Marc Rich was indicted in the U.S. by then-U.S. prosecutor Rudolph Giuliani for multiple criminal activities including tax-evasion, racketeering and embargo breaches.
The charges could have come with a 300-year jail sentence, but Rich fled to Switzerland, protesting his innocence. He stayed on the FBI's most wanted list for many years. HIs companies pay $90 million in fines for breaches of the tax code.
In 1987, Glencore diversified away from pure commodities trading. It bought a 27% stake in a U.S. aluminium smelter. A year later, it bought a two-thirds stake in a Peruvian lead and zinc mine. The company became notable for its use of debt financing - a deliberate strategy adopted by Rich.
In 1993, Rich lost $172 million and control of his firm in a failed attempt to dominate the market for zinc. After a management buy-out, Marc Rich + Co AG was reborn as Glencore in 1994. Willy Strothotte became CEO.
In 2001, Marc Rich was controversially pardoned by Bill Clinton on his last day as US president. It later emerged that Denise Rich, Marc Rich's wife, made a $1 million donation to the Democrat party.
Glencore went public on the London and Hong Kong Stock Exchanges in 2011. Shares were priced at 530p each in a deal valuing the company at $60 billion. The prospectus provided to investors about the company was 1,637 pages long.
In 2013, Glencore completed its merger with mining company Xstrata. The deal, which took 450 days, created a company with 190,000 employees in 50 countries and more ships than the British navy. Glencore CEO Ivan Glasenberg took the helm of the new firm.
Marc Rich died in the same year.
#16408721 at 2022-06-07 13:00:11 (UTC+1)
Q Research South Africa #7: "TRUTH cannot be hidden forever" Edition
"China Huaneng Group and Glencore sign MOU on CCUS Project" - Australian Funding
https://www.glencore.com/media-and-insights/news/china-huaneng-and-glencore-sign-mou-on-ccus-project
Beijing, China
12 April 2021
On 10 April at the 6th China International Conference on CO2 Capture Utilization and Storage, China Huaneng Group Clean Energy Research Institute Co., Ltd. and Carbon Capture Transport and Storage Company of Glencore have signed a Memorandum of Understanding (MOU) for the cooperation on carbon capture utilisation and storage (CCUS) technology, commencing with the CTSCo Project in Millmerran power station in Australia.
Glencore is one of the world's largest diversified natural resource companies and China Huaneng is one of the world's largest energy and technology companies.
Signing the MOU today both companies committed to supporting the deployment of low emissions technologies like CCUS to reduce greenhouse emissions from the use of fossil fuels and other industrial processes.
The CTSCo Project in Queensland, Australia will use China Huaneng's CO2 capture technology at the Millmerran coal fired power station to capture a stream of CO2 which will then be transported and stored permanently in a non-potable aquifer at a depth of more than 2 kilometres.
"This is the first integrated international carbon dioxide capture and storage project that China has participated in. Huaneng will work with Glencore to complete a high-quality carbon capture project in Australia's Surat Basin, build a high-quality cross-industry international cooperation project, help coal-fired power generation achieve "near zero emissions", and enhance its international influence," said Dr Li Weidong, Chairman of China Huaneng Group Clean Energy Research Institute Co., Ltd.
Glencore CEO, Ivan Glasenberg, welcomed the ongoing collaboration with China Huaneng. "We are very pleased to strengthen our collaboration with China Huaneng on the CTSCo Project. This project is vitally important because it can scale up to support the reduction of Scope 3 emissions from the use of fossil fuels across a broad range of industrial sectors."
The CTSCo Project is Australia's most advanced onshore CCUS project and will demonstrate CCUS at an industrial scale. Key funding and project participants include Glencore, China Huaneng, Low Emission Technology Australia (LETA), Australian National Low Emissions Coal Research and Development (ANLECR&D) and the Australian Government.