Iron ore trader Radiant World Corporation Pte. Ltd., along with related companies including Sapphire Minmetals, has filed a lawsuit against commodities giant Glencore in Singapore's High Court, seeking more than $2 billion in damages. The lawsuit, filed on Tuesday, September 16, 2026, alleges fraud, breach of contract, and conspiracy by Glencore. Radiant World claims Glencore deliberately concealed trading arrangements with Radiant World and its related companies from its audited records, particularly while under scrutiny from the U.S. Justice Department. Glencore has dismissed these claims as meritless and stated it will contest them vigorously.
The lawsuit details that Glencore allegedly sought to keep the "true nature" of their relationship out of its audited records, opting for in-person meetings and WhatsApp messages instead of formal documentation. Radiant claims this approach was driven by Glencore's increased regulatory scrutiny following its 2022 guilty pleas to bribery and market manipulation charges, which resulted in $1.5 billion in penalties and required independent compliance monitors. A suspended Glencore executive, Peter Hill, reportedly urged Radiant not to communicate by email, suggesting Glencore directed these channels so commercial arrangements wouldn't be reflected in audited records. Glencore also instructed documentation to be prepared in non-standard ways, sometimes routed through its Delhi office.
Radiant World and Sapphire Minmetals are currently subject to a London court order freezing up to $499 million in assets after a Jefferies-managed fund alleged they used fake iron ore invoices to defraud it. Glencore has, in turn, accused Radiant of sending falsified invoices and contracts, as well as fabricating emails, which they fraudulently claimed to have received from Glencore personnel, to financial institutions. Glencore is conducting a review of its historic business activities with the groups involved in the lawsuit. The lawsuit marks a significant escalation in the dispute between Radiant, which has faced pressure over alleged inconsistencies in trade documentation, and Glencore, a major trading counterparty and financial backer whose support Radiant claims was crucial to its rise and whose withdrawal has contributed to its current crisis.
