Iron ore trader Radiant World Corporation Pte. Ltd. and ten related companies have filed a lawsuit against commodities giant Glencore in Singapore's High Court. The lawsuit, filed on September 15, 2026, and seen on September 16, seeks more than $2 billion in damages. The allegations against Glencore include fraud, breach of contract, and conspiracy, stemming from a commercial relationship that has spanned over a decade.
According to reports, Radiant World and Sapphire Minmetals are combining forces for this claim. Rakesh Sethi, chairman of Sapphire Minmetals, confirmed the filing of the $2 billion lawsuit in the Singapore court. The legal action highlights a significant dispute between the iron ore trader and the London-listed mining firm.
New details emerging from the lawsuit suggest a complex relationship between the two entities. Radiant World alleges that Glencore spent months assisting it in preparing a proposed settlement with Jefferies Financial Group Inc., after the U.S. bank raised questions about transactions it was financing. This sheds light on Glencore's alleged involvement in Radiant World's financial dealings. Furthermore, a suspended Glencore executive, Peter Hill, reportedly urged Radiant World counterparts to avoid email communication in early April 2025, suggesting in WhatsApp messages from 2023-2025 that he was the ultimate decision-maker for aspects of Radiant World's trading and emphasizing Glencore's role as a major backer.
