Glencore suspends iron ore trading head amid Radiant dispute

Glencore has suspended Peter Hill, its head of iron ore trading, following an internal review into past business activities with trade partner Radiant World. On September 15, 2026, the company terminated its business ties with Radiant World after identifying evidence of fraud.

Glencore stated that its overall financial exposure to Radiant World remained below a $500 million materiality threshold. The commodities group has already booked a balance sheet provision of $480 million against the exposure.

The suspension comes amid intensifying legal battles across several jurisdictions. In the Singapore High Court, Radiant World filed a lawsuit seeking $2.0 billion in damages from Glencore. Radiant World alleges that Glencore extracted $800 million in payments between 2021 and 2026, alongside a $1.1 billion derivative mark-to-market demand dating back to 2021.

In London, a court granted a maximum asset freezing order of $499 million against Radiant World and Sapphire Minmetals. Meanwhile, third-party financiers face related fallout. Disputed Glencore invoices secure $100 million in credit exposure provided by Mizuho Financial Group, while Incomlend has filed a $34 million claim in Singapore over trade finance paperwork.