Glencore and the Modern Cluster (1994–2026) — conclusion

Conclusion of Chapter II

In the three decades after Marc Rich left his company, Glencore grew from a private partnership of traders into a listed group that combines one of the largest commodity trading businesses in the world with one of the largest mining businesses. It remained headquartered in Baar throughout. Its growth was accompanied by allegations of corruption that resulted, in 2022 and 2024, in criminal convictions in the United States, the United Kingdom and Switzerland, in a resolution with the Brazilian prosecutors and in penalties of more than 1.5 billion dollars. Around Glencore, a cluster of more than 200 commodity traders and a larger cluster of consumer goods companies have made international trade the largest component of the economy of Zug. The cluster, which changes with the markets and with the sanctions regimes, is scrutinised by critics who have influenced its regulation. Chapter III explains how the business of commodity trading works and measures its weight for the canton and for Switzerland.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.

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