Glencore and Radiant World Trade Accusations in $2 Billion Lawsuit

Glencore and its former business partners Radiant World Group and Sapphire Minmetals are locked in a Singapore lawsuit involving roughly $2 billion in damages. Radiant and Sapphire allege that Glencore breached their partnership and concealed the true nature of their arrangements in its audited records, while Glencore says the claims are meritless and will be vigorously contested. Glencore has accused the companies of sending financial institutions falsified invoices, contracts and emails falsely attributed to Glencore personnel, and says it has ended all business with them. The dispute marks the collapse of a previously close relationship in which Glencore traded extensively with Radiant, helped it obtain financing and held warrants linked to a potential minority stake. Glencore has reportedly recorded a $480 million provision related to its exposure and is reviewing its historical dealings with the companies.