Radiant World sues Glencore for $2bn, Bloomberg News reports
Radiant World and Hong Kong-based commodity trader Sapphire Minmetals have filed a lawsuit against London-listed miner Glencore in Singapore claiming $2-billion in damages, Bloomberg News reported on Tuesday, citing a senior executive at the group of companies.
Sapphire Minmetals, which used to be part of Radiant World, was joining forces with the Singapore-based iron-ore trader for the claim, the trading firm's chairperson, Rakesh Sethi, told Bloomberg News.
Radiant World and Sapphire Minmetals are 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 in a scheme to defraud it, the report said.
Reuters could not immediately verify the report. Radiant World and Sapphire Minmetals did not immediately respond to Reuters' request for comment.
Glencore referred Reuters to a statement issued earlier on Tuesday when asked for comment.
The miner said it had confirmed evidence that Radiant World and associated companies sent falsified invoices, contracts and fabricated emails purporting to be from Glencore personnel to several financial institutions.
Glencore also said it had incurred losses and been exposed to risks through its dealings with the companies and would pursue appropriate action.
Sapphire Minmetals has also drawn scrutiny over invoices, according to media reports.
Radiant World and Sapphire Minmetals said they hold significant claims against Glencore. The miner dismissed the claims as "without merit", adding that it would contest them vigorously.
In August, Glencore said it had stopped all business and exited all obligations with Radiant World.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.
VISIT SHOWROOM
The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
