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The Volcker committee found that in the course of $64 billion in Iraqi oil-for-food sales “nearly one-third of the surcharge payments were made by cash delivery to various Iraqi embassies abroad”.

Last week Glencore said: “Along with other companies, Glencore was contacted by the Independent Inquiry Committee and fully co-operated with their representatives. Glencore has no expectation one way or the other as to whether it will be mentioned in the report.”

XSTRATA said Glencore’s links to Iraq would have no negative effect on it.

City analysts said Mick Davis, the Xstrata chief executive appointed by Glencore, might see any problems the Swiss firm encountered as an opportunity to seek a reduction in Glencore’s stake in the UK miner.

Xstrata jealously guards its independence from Glencore. The terms of the relationship between the two companies are spelt out in a legally binding “relationship agreement”. Glencore chairman Willy Strothotte is Xstrata’s chairman.

Xstrata has the option of using the Swiss company as a marketing agent.

But only three of the mining company’s 12-member board are Glencore appointees. The non-execs, led by former Legal & General investment boss David Rough, are known for their tough-mindedness.

City analysts don’t think that news about Glencore in Iraq next month will hit Xstrata’s share price.

The possibility of criticism of Glencore next month by the Volcker committe “is obviously not good news for Xstrata”, a City analyst said. “But people are more focused on the impact of coal prices on Xstrata.”

When the City looks at the relationship between Glencore and Xstrata overall, opinion divides. Dresdner Kleinwort Benson mining analyst Simon Toyne said: “There is one group of shareholders that says Glencore’s stake is a risk.

“Glencore might sell its shares and the price would go down. More than offsetting that are the investors who see the Glencore stake as a benefit, because Xstrata can market product through Glencore.”

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