Rich, the commodities trader who founded Glencore International
Plc and is credited with inventing the spot market for oil, has
died after suffering a stroke in Lucerne, Switzerland, a
spokesperson said June 26. He was 78.
Rich, who started his
career trading alumina at Philipp Brothers Inc. before founding
Marc Rich & Co. AG with colleague Pincus Green, came to the
attention of the wider world in 1983, when he was indicted in
the United States for alleged wire fraud, tax evasion and
breaking a trade embargo with Iran. He was later placed on the
FBIs "most wanted" list, having fled to Switzerland hours
before the indictment.
Rich spent the next
decade building Marc Rich & Co. into the largest metals
trading company in the world before selling his stake to senior
management, who renamed it Glencore.
After spending years
in exile pursued by federal prosecutors, Rich was
controversially pardoned by President Bill Clinton on his last
day in office in 2001.
Rich continued to live
in Switzerland after the pardon. He ran Marc Rich & Co.
Investment AG until 2003. MRI Trading, a wholly owned
subsidiary of Marc Rich & Co., was later acquired by
storage and logistics company CWT Group (
amm.com, June 30, 2011).
Despite his one-time
status as the worlds most famous fugitive, Rich rarely
revealed details about his professional or personal life until
2009, when Switzerland-based journalist Daniel Ammann published
The King of Oil: The Secret Lives of Marc Rich, based
on extensive interviews with Rich.
Rich, who established
various foundations, including the Swiss Foundation for the
Doron Prize and the Marc Rich Foundation for Education, Culture
and Welfare, was awarded three honorary doctorates in
recognition of his philanthropic work.
Toward the end of his
life, he ran Marc Rich & Co. Holding as a family
He is survived by two
daughters and their families, a spokesman said.
A version of this article was first published by AMM sister
publication Metal Bulletin.