Glencore Says Radiant World, Sapphire Sent Falsified Documents to Banks

MT Newswires

Yesterday

Glencore has confirmed evidence that Radiant World and Sapphire Minmetals sent falsified invoices, contracts and fabricated emails to financial institutions, which the companies allegedly claimed came from Glencore personnel.

The commodities group said it is reviewing its historical business dealings with the companies, has stopped doing business with them, and exited all obligations.

The statement came after Radiant World and Sapphire Minmetals filed a Singapore lawsuit seeking $2 billion in damages from Glencore, Sapphire Chairman Rakesh Sethi told Bloomberg News on Tuesday.

The companies are also subject to a $499 million worldwide freezing order from a London court following allegations of falsified iron ore invoices.

Glencore said it takes the issues seriously and would take appropriate action, while Radiant World has previously denied wrongdoing, according to the report.

Radiant World did not respond to MT Newswires' request for a comment.

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