Glencore faces US$2 billion suit as it alleges Radiant World fraud

Glencore has filed a US$2 billion lawsuit against Radiant World and associated companies, alleging that the entities sent falsified invoices and fabricated emails to lenders. The allegations come as Radiant World and Sapphire Minmetals have joined forces to file the claim in a Singapore court, seeking US$2 billion in damages. Radiant World and Sapphire Minmetals claim that Glencore's withdrawal from the business relationship went against their contractual commitments and has caused them substantial losses.

Glencore denies the allegations, stating that the claims are "meritless" and that it will contest them vigorously. The company has already taken a US$480 million provision on its exposure, one of its largest trading losses in history.