Glencore faces $2 billion lawsuit in Singapore

Glencore faces a lawsuit in Singapore claiming $2 billion in damages from iron ore trader Radiant World and Sapphire Minmetals, Bloomberg News reported on 15 September 2026.

Rakesh Sethi, chairman of the trading firm Radiant World, told Bloomberg News that Sapphire Minmetals joined forces with the Singapore-based firm for the claim. Both firms are already subject to a London court order freezing up to $499 million in assets. That order followed allegations from a Jefferies-managed fund that the firms used fake iron ore invoices to defraud it.

Glencore dismissed the lawsuit as without merit and stated that it will contest the claims vigorously. The miner stated it confirmed evidence that Radiant World and associated companies sent falsified invoices, contracts, and fabricated emails purporting to be from Glencore personnel to several financial institutions.

The company added that it incurred losses and faced risks through dealings with the entities, noting it will pursue appropriate action. In August, Glencore said it had stopped all business and exited all obligations with Radiant World.