Glencore announced that it has terminated all business relationships with Radiant World and associated companies after an internal review uncovered forged invoices, contracts and fabricated e‑mails that had been sent to several financial institutions.
The Swiss‑based commodity group said the documents were presented as if they originated from Glencore employees, prompting the decision, which was disclosed after market close on Tuesday.
Glencore added that it is reviewing its historic dealings with the insolvent iron‑ore trader and has already ended all obligations to the firms. The company estimates that the financial exposure from the disputed transactions is not material, placing it below the $500 million threshold it cited in its half‑year results. Existing provisions further reduce the net exposure.
Radiant World, together with Sapphire Minmetals, has lodged a lawsuit in a Singapore court seeking roughly $2 billion in damages against Glencore. Sapphire Minmetals chief executive Ratesh Sethi confirmed the filing to Bloomberg but provided no additional details.
Glencore described the claims as unfounded and said it will contest them vigorously, indicating that appropriate steps will be taken to protect its interests.
The dispute follows Glencore’s recent disclosure of the potential exposure in its interim financial statements, marking the first public mention of the matter.
