EDINBURGH — Glencore, the global commmodity giant run by South Africa-born Ivan Glasenberg, is under investigation in Brazil's massive corruption scandal. Al Jazeera reports that Petrobras employees offered the trading companies lower prices for oil and its derivatives as well as storage tanks in more than 160 separate operations, then shared in the savings, authorities said. Glencore is already accused of sanctions-busting by working with a corrupt business player in the Democratic Republic of Congo and investors are concerned about Glencore links with Russia's Rosneft and Rusal. Glasenberg said recently that he is looking for someone like him to take over as he heads towards retirement. But investors might prefer a fresh face, and a change in culture. The Glencore share price has come under pressure as a result of the bad stench of corruption swirling around its operations. In September, the Financial Times reported that Petrobras has agreed to pay $853.2m in penalties over the "Lava Jato" bribery scandal that rocked Brazil's establishment and led to a jail sentence for Luiz Inácio Lula da Silva, the former president. The deal is one of the biggest ever corruption-related settlements. – Jackie Cameron
By Jeffrey T. Lewis, Scott Patterson and Luciana Magalhaes
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