Marc Rich, the colourful and controversial commodities trader and founder of Glencore (now Glencore Xstrata) who fled the US to avoid federal indictments, has died in Switzerland aged 78. In a statement from the Marc Rich Group, Rich died in Lucerne as a result of a brain stroke. He is expected to be buried in Tel Aviv tomorrow. Rich, born in Antwerp, Belgium, was an oil trader who fled to Switzerland in 1983 hours before being indicted on more than 50 charges of trading with Iran during an embargo, wire fraud, racketeering and evading more than $48m in income taxes – at the time the largest tax evasion case in US history. He remained one of the US’s most wanted fugitives until Bill Clinton pardoned him on his last day as US president in January 2001. Mr Clinton said such cases should be settled in civil not criminal courts and also cited clemency pleas from Israeli officials, including Ehud Barak, the then prime minister. Source: The Financial Times Glencore Xstrata is one of the world’s largest diversified natural resource companies and is one of the biggest companies within the FTSE 100 Index. It owns stakes in Southern African mines including Mopani Copper Mines (copper & cobalt, Zambia), Shanduka (coal, South Africa), Katanga Mining (copper & cobalt, DRC), Mutanda Mine (copper & cobalt, DRC).
Posted on: Wed, 26 Jun 2013 09:47:53 +0000
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