News Videos
International Edition


August 19, 2017

Breaking News, World News and Taiwan News.
About Us
Contact Us

EIB halts Glencore's lending due to governance concerns

LONDON/BRUSSELS--The European Investment Bank (EIB) has frozen all new loans to commodities trader Glencore and its subsidiaries, it said in a statement on Wednesday, citing "serious concerns" over the group's corporate governance.

The EIB, the European Union's lending institution, provided in 2005 a US$50 million loan to Mopani Copper Mines, a Zambian subsidiary of Swiss-based Glencore, to help pay for the modernization of a copper smelter.

But Mopani has since been accused by some non-governmental organizations — most recently by campaign groups in an open letter signed by a group of European parliamentarians — of tax evasion and of causing widespread pollution.

Glencore, the world's largest diversified commodities trader, listed on the London stock exchange in May in a record-breaking market debut.

Advertise  |   RSS Feed  |   About Us  |   Contact Us
Home  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |  
Arts & Leisure  |   Health  |   Editorial  |   Commentary Travel  |   Movies  |   Guide Post  |   Terms of Use  |  
  chinapost search