Glencore suspends employee who handled deals with controversial trader Radiant
The international iron ore trade is a billion-dollar business. Several Swiss financial and trading houses are affected by the suspected fraud scandal.
Glencore, a Swiss commodities trader, has suspended a longtime employee and taken a charge for potential losses related to its business dealings with Radiant World, an Asian iron ore trader accused of fraud. Radiant World, founded by Indian Pinkesh Nahar, allegedly presented fake documents and numbers to its business partners, including Glencore.
The company, which has offices in Singapore, Dubai, and Geneva, denies the allegations. Glencore has accused Radiant of fraud, citing evidence of fake invoices, contracts, and emails, while Radiant is seeking hundreds of millions of dollars in damages from Glencore.
Written by urgent.news from NZZ Wirtschaft's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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