15th Sep 2026 21:33
(Alliance News) - Glencore PLC on Tuesday said it has exited all obligations with iron ore trader Radiant World and associated companies as it claimed they sent falsified invoices to lenders.
The Baar, Switzerland-based diversified mining company said it has "confirmed evidence that these companies sent 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."
In a statement the FTSE 100 listing said: "We take these issues seriously and are conducting a review of our historic business activities with Radiant World, Sapphire Minmetals and associated companies. We have stopped doing business with these companies and have exited all obligations."
Glencore had previously traded extensively with Radiant World with Bloomberg stating it even acquired warrants that gave it the option to take a minority stake in the smaller company.
The miner was commenting after Bloomberg reported that Radiant World and Sapphire Minmetals have filed a lawsuit against Glencore in Singapore claiming USD2 billion in damages, according to a senior executive at the group of companies.
"We have filed in the Singapore court against Glencore for USD2 billion," Rakesh Sethi, chair of Sapphire Minmetals, told Bloomberg News by phone.
Bloomberg noted the two companies are legally separate but closely related.
They are both subject to a USD499 million worldwide freezing order imposed by a London court at the behest of a fund managed by Jefferies Financial Group Inc, which alleged that they had falsified iron ore invoices as part of a "fraudulent scheme" against it.
Glencore said the 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."
It said the exposure to Radiant World and associated companies is "not material" to its financial position, being below the USD500 million threshold.
"Taking into account provisions already booked, we are well below this threshold," it added.
Shares in Glencore closed down 2.7% at 574.89 pence each in London on Tuesday.
By Jeremy Cutler, Alliance News reporter
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