A fresh legal swing at Glencore just landed in Singapore. Speaking by phone to Bloomberg News, Rakesh Sethi - chairman of Sapphire Minmetals - said, "We have filed in the Singapore court against Glencore for $2 billion," He said Radiant World and Sapphire Minmetals are acting together on the claim and declined to share more. It was not immediately possible to verify the filing on Singapore's court website. A Radiant World spokesperson declined to comment.
Radiant World and Sapphire Minmetals operate as distinct companies but are closely linked. Both are presently under a worldwide freezing order of $499 million issued by a London court, after a fund overseen by Jefferies Financial Group Inc. sought the measure and alleged the pair falsified iron ore invoices in a "fraudulent scheme." Radiant World previously denied any misconduct and said it runs its business in full compliance with top commercial and legal norms.
Prior coverage referenced correspondence sent by Radiant World's lawyers to Glencore claiming the company suffered $1.4 billion in losses tied to Glencore's actions. In a prior interview, Sethi described Glencore as Radiant World and Sapphire's "senior partner," and he put Sapphire's losses stemming from Glencore's actions at $900 million.
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Glencore pushed back on Tuesday, calling the claims "meritless." It also said, "We have incurred losses and been exposed to risks by Radiant World companies and will take appropriate action." Translation for your wallet: big numbers are flying, and the facts will be sorted in court, not the headlines.
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