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India: Glencore business raided by regulator

By  |  March 17, 2019

According to an exclusive report form Reuters, India’s antitrust watchdog raided units of global commodities trader Glencore and two other firms in Mumbai on Saturday, March 16, in an inquiry into alleged collusion on the price of pulses.

More than 25 antitrust officials carried out the raids at the offices of local units of Glencore and Africa’s Export Trading Group, and India’s Edelweiss group which previously had a commodities business, two government sources told Reuters.

The Competition Commission of India has been investigating allegations that the companies formed a cartel to discuss the pricing of pulses while importing and selling them in the Indian market at higher prices in 2015 and 2016, when India faced an acute shortage, the sources said.

Full Content: Reuters

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