Glencore Plc has publicly accused Radiant World and its associated companies of engaging in a fraudulent scheme by sending falsified invoices and contracts, as well as fabricated emails purporting to be from Glencore personnel, to a number of financial institutions. This announcement was made by Glencore on September 15, 2026, and follows earlier media reports about Glencore's past dealings with the iron ore trader.
Glencore has confirmed that it has ceased all business activities with Radiant World and exited all related obligations. The company is also conducting an internal review of its historical business activities with Radiant World, Sapphire Minmetals, and other associated entities. While Radiant World and Sapphire Minmetals have reportedly claimed substantial amounts against Glencore, Glencore has stated these claims are meritless and intends to contest them vigorously, asserting that it has incurred losses and been exposed to risks by Radiant World companies.
Despite the ongoing allegations, Glencore stated that its exposure to Radiant World and associated companies is not material to its financial position, falling below its $500 million threshold. The company further noted that, taking into account provisions already booked, its exposure is well below this threshold. Previously, on August 29, 2026, Glencore had taken a provision of approximately $480 million on its exposure to Radiant World, effectively covering its entire outstanding net exposure.
