London/Singapore, September 28, 2026: Trading firm Sapphire Minmetals and related companies are seeking to move quickly with their $2 billion lawsuit against global commodities giant Glencore, according to Sapphire Chairman Rakesh Sethi. The legal dispute, filed in Singapore, involves allegations including fraud, breach of contract and conspiracy. Glencore has rejected the claims as “meritless” and said it will vigorously contest them.
Lawsuit follows dispute over trading relationship
Sapphire Minmetals, Radiant World and other related companies filed their claim in the Singapore High Court earlier this month, seeking damages from Glencore. The companies allege that Glencore breached agreements connected to their trading relationship and other business arrangements.
Sethi said the claimants intend to pursue the proceedings on an expedited basis, adding that the court process would establish the facts surrounding the relationship between the companies.
The lawsuit comes amid a broader breakdown in relations between Glencore and companies associated with Radiant World. Glencore has said it found evidence that companies in the group sent what it described as falsified invoices, contracts and fabricated emails to financial institutions. The company said it has stopped doing business with the group.
Singapore court appoints interim managers
The developments follow a Singapore High Court decision to appoint KPMG as interim judicial managers of Radiant World. The court determined that interim management was required to help restore external confidence in the iron ore trading company following concerns among lenders and trading counterparties.
A creditor, Mizuho Bank, had previously sought the appointment of judicial managers after providing around $100 million in credit to Radiant World. The financing was secured against invoices that a counterparty later disputed as valid, according to court-related reporting.
Glencore disputes allegations
Glencore has strongly rejected the allegations made by Sapphire Minmetals and related companies. In a September 15 statement, the commodities company said the claims were without merit and that it would contest them vigorously. Glencore also said it had suffered losses and been exposed to risks through its dealings with Radiant World companies.
The dispute could now move into a significant phase as Sapphire and its related claimants seek to accelerate the legal proceedings. The court process is expected to examine the companies’ commercial relationship, financial transactions and the allegations made by both sides.