Radiant World Corp. and its affiliates filed a $2 billion lawsuit against Glencore in Singapore’s High Court. The iron ore trader alleges Glencore concealed their relationship in audited records to avoid regulatory scrutiny. This follows Glencore’s 2022 guilty pleas for bribery and market manipulation.
Glencore rejected the claims as meritless and vowed to contest the suit. The company countered that Radiant World sent falsified invoices and fabricated emails to financial institutions. Glencore has already ceased business with Radiant, citing financial losses and risk exposure.