Inside Jefferies’ months-long tussle with Glencore over Radiant
Jefferies for months has pressed Glencore for information about overdue payments linked to Radiant World
Jefferies Financial Group and Glencore have been embroiled in a months-long dispute over overdue payments linked to Radiant World, an iron ore trader. Jefferies executives claim Glencore owes them $526.4 million for invoices they say are valid, while Glencore denies any responsibility. Emails released by Bloomberg News reveal the escalating tension between the two parties, with Jefferies' general counsel Mike Sharp accusing Glencore of ignoring "a half-decade history of business conduct."
The dispute stems from the fact that Glencore was one of the major commodity traders named on the invoices that Jefferies had purchased for Radiant World and Sapphire Minmetals. Radiant World and Sapphire Minmetals have both denied any wrongdoing, with the latter joining Radiant World in a lawsuit against Glencore. Glencore, meanwhile, claims the lawsuit is "meritless."
Despite the emails showing Jefferies' extensive involvement with the Radiant World network and its $3.8 billion financing of Glencore invoices, Jefferies has not commented on the matter.
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