Singapore-based iron ore trader Radiant World Corp and its related companies have launched a blockbuster legal offensive against commodities giant Glencore, filing a lawsuit in Singapore's High Court seeking more than US$2 billion in damages over allegations of fraud, breach of contract and conspiracy. The case, filed in mid-September 2026, marks an explosive end to a business relationship that was once described as extremely close.
According to a copy of the statement of claim seen by Reuters, Radiant World's lawsuit alleges that Glencore deliberately concealed trading arrangements with Radiant World and related companies from its audited records while the commodities giant was under compliance monitoring by the United States Department of Justice. The claim says Glencore directed those channels so that the true commercial arrangements would not be reflected in its audited records, following its 2022 guilty pleas in the United States to commodity price manipulation and bribery charges.
At the heart of the dispute is a 2021 incident in which Glencore demanded that Radiant World pay a mark-to-market exposure of $1.1 billion on derivatives positions, when the long-standing practice had allegedly been to roll over such losses, according to the claim. Radiant World further alleges that Glencore extracted over $800 million in payments between 2021 and 2026 through promises of a long-term partnership before abruptly terminating the relationship this year.
Glencore has flatly rejected the allegations. In a statement, the London-listed miner said: "These claims are meritless and we will contest them vigorously. We have incurred losses and been exposed to risks by Radiant World companies and will take appropriate action." Glencore also said it had confirmed evidence that Radiant World and associated companies had sent falsified invoices and contracts, as well as fabricated emails purportedly from Glencore personnel, to several financial institutions.
The lawsuit arrives as Radiant World faces mounting legal pressure from multiple directions. Jefferies Financial Group's fund Point Bonita has obtained a worldwide freeze order in the UK against Radiant World, founder Pinkesh Naha and related company Sapphire Minmetals Corporation, along with a freeze injunction in Singapore court, claiming $500 million and fraud. Singapore's High Court has also appointed KPMG executives Toh Ai Ling, Adrian Chan and Tan Yen Chiaw as interim judicial managers to probe suspected fraud at Radiant World, after financiers and trading counterparties froze accounts and withdrew from commercial relationships. The judge expressed doubt about Radiant World's $1 billion trade receivable claims amid allegations that invoices provided to banks may not have been valid.
The case is scheduled for its first case conference on October 21. The outcome could have significant implications for commodity trade financing in Asia, where banks have already begun distancing themselves from Radiant World over concerns about invoice authenticity.