According to an Australian Public Radio report, "Glencore's history reads like a spy novel".[13] The company was founded as Marc Rich & Co. AG in 1974 by billionaire commodity trader Marc Rich, who was charged with tax evasion and illegal business dealings with Iran in the US, but pardoned by President Bill Clinton in 2001.[14] He was never brought before US courts before his pardoning, therefore there was never a verdict on these charges.
In 1993, commodity trading and marketing company Trafigura was "split off from" Marc Rich's group of companies.[15] As physical commodities traders, along with Trafigura, Glencore's main rivals in 2011 were identified as Vitol and Cargill,[16] amongst a number of others.[17]
In 1993 and 1994, after failing to control the zinc market, losing $172 million, its founder Marc Rich was forced[14][16] to sell his 51 percent stake majority share in his own company Marc Rich & Company AG to Glencore International, the commodities trading and industrial company. Glencore International had a 21-year relationship with its founder Marc Rich.