Glencore suspendiert Mitarbeiter, der die Deals mit dem kontroversen Händler Radiant betreute

Swiss commodity trader Glencore has suspended a long-serving employee responsible for the business with controversial Asian iron ore distributor Radiant World, following allegations of fraud, according to Bloomberg and internal company research. The company's head of iron ore, Peter Hill, was temporarily removed from his duties as part of an internal investigation.

Radiant World has risen as one of the largest players in the billion-dollar iron ore business over the past two decades, capitalizing on the growing demand for iron and steel in Asia, particularly China. However, recent accusations against the company founded by 45-year-old Indian entrepreneur Pinkesh Nahar are serious. Radiant is accused of presenting falsified documents and numbers to its business partners, including Glencore.

Many of Radiant's counterparties are based in Switzerland. The insurance company Zurich is said to have insured transactions with the trading house. Radiant has denied the allegations, while some banks and traders have halted their dealings with the iron ore distributor. Glencore recorded a bookkeeping reserve for the loss of the Radiant deal, but it fell below the $500 million threshold that requires the company to disclose such reserves.

The relationship between Radiant and Glencore began around 18 years ago, focusing on the trade of iron ore and other commodities. Derivatives deals added to the relationship, sometimes reaching over $1 billion. Peter Hill led the business relationship at Glencore, according to documents the NZZ obtained access to. Glencore declined to comment on the details of the cooperation.

Investigations are underway in the United States, Singapore, and elsewhere. Glencore accuses Radiant of fraud, stating it has "evidence" that the trading house provided falsified invoices, contracts, and emails to create business opportunities. However, Radiant blames Glencore and demands several hundred million dollars in return.

Radiant regrets becoming the subject of damaging allegations but is confident in winning its case in court in Singapore. Glencore maintains that the accusations are baseless and that they suffered losses in their dealings with Radiant, vowing to contest the claims.