Singapore, September 17, 2026: Troubled iron ore trader Radiant World has alleged that commodities giant Glencore spent months helping it address questions raised by Jefferies Financial Group over transactions financed by the US financial institution earlier this year.
The allegations form part of a more than $2 billion lawsuit filed by Radiant World and related companies against Glencore in Singapore. Radiant claims that Glencore’s conduct during the dispute with Jefferies was inconsistent with allegations that the transactions were fictitious or fraudulent.
Glencore Allegedly Sought to Resolve Jefferies Dispute
According to Radiant World’s legal claim, lawyers representing Jefferies contacted Glencore in February 2026 concerning transactions financed by the bank and unpaid receivables.
Radiant alleges that Glencore continued discussions through April and considered potential payments that could have helped Radiant make a proposed $200 million payment to Jefferies. The lawsuit reportedly refers to possible payments of $69 million and $120 million from Glencore to Radiant. It remains unclear whether those payments were ultimately made.
Radiant argues that Glencore’s involvement in attempting to resolve the matter contradicts the commodities company’s subsequent claims that documents associated with Radiant’s transactions were fraudulent.
Glencore Rejects Radiant’s Claims
Glencore has strongly disputed Radiant World’s allegations and said it will contest the lawsuit.
The Swiss commodities company has said it has evidence that Radiant World, Sapphire Minmetals and associated companies sent falsified invoices and contracts and fabricated emails that they claimed came from Glencore employees to financial institutions. Glencore said it has stopped doing business with the companies and exited its obligations.
Radiant World has denied wrongdoing and has maintained that its dispute with Glencore is a commercial matter.
Relationship Between Glencore and Radiant Under Scrutiny
The latest allegations provide additional detail about what Radiant describes as a close commercial relationship with Glencore.
Radiant claims Glencore was an important counterparty and helped the trader obtain financing and expand its iron ore business. The lawsuit also alleges that Glencore provided assistance when Radiant was seeking financing from institutions including Jefferies.
The relationship deteriorated sharply in 2026 as lenders and trading companies began cutting ties with Radiant amid concerns about the validity of documents supporting its trades.
Jefferies Takes Legal Action
Jefferies-linked LAM Trade Finance Group II has separately pursued legal action against Radiant World and related companies. A London court previously imposed a worldwide freezing order involving approximately $499 million in assets, according to reports.
The financial dispute has also expanded to Singapore, where Radiant World and related entities are seeking more than $2 billion from Glencore.
A Dispute With Wider Commodity-Market Implications
The case has attracted attention because Glencore was reportedly one of Radiant World’s major trading counterparties during the company’s rapid expansion in the global iron ore market.
Glencore has acknowledged taking provisions against its exposure to Radiant World and related companies, while saying the exposure is not material to its overall financial position.
The competing allegations have yet to be resolved in court. The Singapore litigation and separate proceedings involving lenders are expected to shed further light on the trading arrangements, financing documents and relationship between the companies.