Radiant World and Sapphire Minmetals Sue Glencore for $2 Billion
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Radiant World and Sapphire Minmetals File $2 Billion Lawsuit Against Glencore
Details and Background of the Lawsuit
Lawsuit Filing and Claims
Sept 15 (Reuters) – Radiant World and Sapphire Minmetals have filed a lawsuit against London-listed miner Glencore in Singapore claiming $2 billion in damages, Bloomberg News reported on Tuesday, citing a senior executive at the group of companies.
Sapphire Minmetals, which used to be part of Radiant World, was joining forces with the Singapore-based iron ore trader for the claim, the trading firm’s chairman, Rakesh Sethi, told Bloomberg News.
Legal and Financial Complications
Asset Freeze and Fraud Allegations
Radiant World and Sapphire Minmetals are subject to a London court order freezing up to $499 million in assets after a Jefferies-managed fund alleged they used fake iron ore invoices in a scheme to defraud it, the report said.
Reuters could not immediately verify the report. Radiant World and Sapphire Minmetals did not immediately respond to Reuters’ request for comment.
Glencore’s Response
Glencore referred Reuters to a statement issued earlier on Tuesday when asked for comment.
The miner said it had 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.
Glencore also said it had incurred losses and been exposed to risks through its dealings with the companies and would pursue appropriate action.
Ongoing Scrutiny and Company Statements
Additional Media Reports
Sapphire Minmetals has also drawn scrutiny over invoices, according to media reports.
Disputed Claims and Business Termination
Claims and Counterclaims
Radiant World and Sapphire Minmetals said they hold significant claims against Glencore. The miner dismissed the claims as “without merit”, adding that it would contest them vigorously.
End of Business Relations
In August, Glencore said it had stopped all business and exited all obligations with Radiant World.
(Reporting by Preetika Parashuraman in Bengaluru; Editing by Shreya Biswas)
