Kike Ivan Glasenberg, Stealing Africa

Kike Ivan Glasenberg is the chief executive officer of Glencore, one of the world’s largest commodity trading and mining companies. Glasenberg has or had citizenship of South Africa and Australia. He became a Swiss citizen in 2011. He is also on the boards of mining companies Xstrata plc and Minara Resources Ltd.

Kike Glasenberg was born in January 1957 in South Africa. His father, Samuel Glasenberg, was born in Lithuania, and his mother, Blanche, was South African. The family lived in Illovo, Gauteng, a suburb of Johannesburg.

In his youth, at Theodor Herzl School, he befriended Kike Mick Davis, who would become the CEO of mining company Strata, and is the current CEO of the British Conservative Party.

Glasenberg was with Nexia Levitt Kirson, a firm of chartered accountants, for five years.

Glasenberg joined Glencore in 1984. He was named CEO in 2002.

In 2005, BusinessWeek referred to Glasenberg as a key figure in the secretive commodities trading of kike billionaire Marc Rich’s company Mark Rich & Co. AG. Kike Rich was charged with tax evasion and illegal deals with the Islamic Republic of Iran, but was later pardoned by US Whore-President Bill Clinton.

Glencore is the corporate successor to Marc Rich & Co AG.

In August 2011, Glendore share prices fell 13.2 per cent. In September 2011, using his own dividends, Kike Glasenberg started buying a larger share of Glencore. In April 2012, Glasenberg held more than 15 per cent of Glencore’s stock, placing him as the 20th richest mining billionaire, with Forbes estimating his net worth at US$7.3 billion.

Kike Glasenberg became CEO of the mergered entity created when Glencore and Kike Davis’ Xstrata finalised one of the largest mining company mergers in history creating a US$88 billion company.

Originally Xstrata CEO Kike Mick Davis was to be CEO while Kike Glasenberg would be President in a merger of equals transaction; however, due to the holding out of major Xstrata shareholder Qatar, it became a takeover target, and kike Glasenberg becoming CEO. Kike Davis left the company in 2013.

Kike Glasenberg has served an executive director of Xstrata Plc (since 2002); and as a non-executive director of Minara Resources Ltd (since 2000); of Rusal Plc (since 2007); and Century Aluminum Co. (between 2010–2011).

Kike Glasenberg has been a champion race-walker for South Africa and Israel. He is married with two children, and is a resident of the village of Rüschlikon in Switzerland.

Kike Glasenberg paid 360 million SFr (£240m) in taxes to Rüschlikon following Glencore’s flotation on the London Stock Exchange. The money enabled the residents to cut their taxation rate by 7%, which was approved by large majority after a public vote, and attracted criticism from some villagers with regards to Glencore’s controversial business practices.

Stealing Africa (2012)

Director: Christoffer Guldbrandsen
Producer: Henrik Veileborg
Produced by Guld­brandsen Film

Rüschlikon is a village in Switzerland with a very low tax rate and very wealthy residents. But it receives more tax revenue than it can use. This is largely thanks to one resident – Ivan Glasenberg, CEO of Glencore, whose copper mines in Zambia are not generating a large bounty tax revenue for the Zambians. Zambia has the 3rd largest copper reserves in the world, but 60% of the population live on less than $1 a day and 80% are unemployed. Based on original research into public documents, the film describes the tax system employed by multinational companies in Africa.

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