<\/p>\n
Glencore has accused Radiant World and associated companies of sending falsified invoices to lenders, cutting ties just as the iron ore trader filed a suit in Singapore against the Swiss-based commodities group, seeking S$2.5 billion ($2 billion) in damages.<\/p>\n
The claims mark an explosive end to a business relationship that for many years was extremely close. Bloomberg News has reported previously that Glencore traded extensively with Radiant World, helping it secure financing and even acquiring warrants that gave it the option to take a minority stake in the smaller company.<\/p>\n
On Tuesday, Glencore said that it had ended all business with Radiant World and associated companies including Sapphire Minmetals, and \u201cexited all obligations.\u201d<\/p>\n
For the first time, the miner and trader directly accused them of fraud, saying that it had \u201cconfirmed evidence\u201d that Radiant World and associated companies had \u201csent falsified invoices and contracts as well as fabricated emails, which they fraudulently claimed to have received from Glencore personnel, to a number of financial institutions.\u201d<\/p>\n
The Singapore case, filed on September 15, was brought by 11 Radiant World-linked entities, comprising the two companies\u2019 trading operations as well as other affiliated companies in Singapore, Hong Kong, the United Arab Emirates and Switzerland, and targets three Glencore units, according to court documents. The first case conference is scheduled for October 21.<\/p>\n
ADVERTISEMENT<\/p>\n
CONTINUE READING BELOW<\/p>\n
Rakesh Sethi, chairman of Sapphire Minmetals, had earlier confirmed the suit. He said by telephone on Tuesday that Radiant World and Sapphire Minmetals were joining forces for the claim, declining to give further details.<\/p>\n
A spokesperson for Radiant World declined to comment on Sethi\u2019s statement. A Singapore spokesperson for the company didn\u2019t immediately reply to messages seeking comments on the court document.<\/p>\n
Bloomberg News reported in July that several major commodity traders had moved to cut ties with Radiant World amid concerns it had provided falsified documents to banks. The company at the time denied wrongdoing and said it conducts its business to the highest commercial and legal standards.<\/p>\n
Radiant World and Sapphire Minmetals have previously claimed that Glencore\u2019s withdrawal went against its contractual commitments to them and has caused them enormous losses.<\/p>\n
In its statement, Glencore said: \u201cThese claims are meritless and we will contest them vigorously. We have incurred losses and been exposed to risks by Radiant World companies and will take appropriate action.\u201d<\/p>\n
Glencore has taken a $480 million provision on its exposure, Bloomberg previously reported, one of its largest trading losses in its history as a public company.<\/p>\n
ADVERTISEMENT:<\/p>\n
CONTINUE READING BELOW<\/p>\n
\u201cWe take these issues seriously and are conducting a review of our historic business activities with Radiant World, Sapphire Minmetals and associated companies,\u201d it said.<\/p>\n
Glencore for years was Radiant World\u2019s most important backer, Bloomberg has reported previously. A letter from Radiant World\u2019s lawyers, previously reported by Bloomberg, cited a November 2024 WhatsApp message from Peter Hill, Glencore\u2019s head of steelmaking raw materials, in which he said that Glencore had \u201cbasically bankrolled your entire existence for the last few years.\u201d<\/p>\n
However, the relationship soured this year, with Glencore beginning to withdraw after banks started to approach it with Radiant World invoices with its name on it, which it could not verify as genuine, Bloomberg reported earlier.<\/p>\n
A lawsuit against Radiant World from Incomlend Pte, a Singapore invoice financing platform, alleged that Radiant World borrowed from it using Glencore documents which Glencore later said were not genuine. Meanwhile, Jefferies Financial Group has accused it of falsifying iron ore invoices as part of a \u201cfraudulent scheme\u201d in a claim that led a London court to impose a $499 million worldwide freezing order against Radiant World and Sapphire Minmetals.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Glencore #faces #2bn #radiant #world #claim #Singapore<\/p>\n","protected":false},"excerpt":{"rendered":"
Glencore has accused Radiant World and associated companies of sending falsified invoices to lenders, cutting…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[13170,3755,712,7924,20675,9781,51],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/16187"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16187"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/16187\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}