Mike Michaud: “Last fall, Canadian nickel producers Inco and Falconbridge merged. Canadian regulators have approved the deal, and…”

“Last fall, Canadian nickel producers Inco and Falconbridge merged. Canadian regulators have approved the deal, and decisions from both the United States and EU regulators are pending. However, a minority shareholder of Falconbridge, Xstrata, is trying to scuttle the deal to maintain its control in the market. The controlling shareholder behind Xstrata is the secretive Swiss commodities trader Glencore. Last year, a CIA report raised allegations that Glencore paid millions in illegal kickbacks to Saddam Hussein's regime. Glencore was founded by Marc Rich, a man who faced jail for tax fraud, racketeering and arms trading. His influence and personnel are still involved in Glencore. Whatever one's view on the Inco-Falconbridge merger, when it comes to this commodity that is important for our military and to our commercial interests, the actions of Glencore clearly raises concerns that regulators and this House should monitor. ____________________”