The European Investment Bank (EIB) has frozen all new loans to Glencore and its subsidiaries, citing “serious concerns” over the group’s corporate governance. The allegations center on claims that the world’s largest metals commodities’ trader has withheld tax payment due to the Zambian government, and failed to use a 2005 EIB  loan to adequately modernize its heavily-polluting Mufulira copper smelter. Glencore says it will defend itself. Meanwhile the Zambian government has asked Glencore to pay the unpaid taxes, but says it is “leaving the door open” for a deal with the company.