Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Swiss trader and miner giant Glencore (LON: GLEN) has been accused by a group formed by some of the world’s biggest asset managers of allegedly hiding corrupt activities through misleading statements.
Nearly 200 funds, including Fidelity, Vanguard, Legal & General, HSBC, Abrdn and Invesco, are seeking compensation for losses they say they suffered because of Glencore’s alleged “untrue statements” and omissions made in its 2011 prospectus for listing on the London Stock Exchange.
They also allege the company and its senior leadership mislead investors in its 2013 prospectus for its merger with Xstrata.
The long list of claimants includes sovereign wealth funds such as GIC, Norges Bank, Mubadala, Aabar Holdings, Kuwait Investment Authority, and Oman Investment Authority.
Dozens of pension funds have also joined over the years, including Scottish Widows, Ontario Pension Board, and BP and Shell pension funds.
The action in London’s High Court follows Glencore’s admission of bribery and market manipulation last year, with the company agreeing to pay a total of $1 billion in fines and forfeitures in the United States, $355 million (£280m) in the UK, $180 million to Congo and $40 million in Brazil.
According to Financial Times, the investors’ case was lodged in the High Court between October 2022 and in spring this year. The claimants filed in June a joint “particulars of claim” outlining common allegations that cover six related legal cases.
