Radiant World faced a $1.1bn loss to Glencore in 2021 after betting against rising iron ore prices driven by Chinese demand. Instead of collapsing, Radiant tripled revenues to nearly $10bn by 2025, attributing its turnaround to a deal with founder Pinkesh Nahar and senior Glencore executives. According to a $2bn lawsuit filed in Singapore, Glencore agreed to continue working with Radiant, help raise funds, and potentially buy a stake targeting a $5bn valuation, in exchange for Radiant slowly repaying the debt.

The arrangement reached Glencore CEO Gary Nagle, per WhatsApp messages from senior executive Peter Hill to Nahar. Hill was later stood down pending a review after FT inquiries. Glencore's support collapsed in 2026 when lenders, including Mizuho, questioned the authenticity of Radiant's trade documents, alleging false invoices were used to secure financing.

Glencore now joins banks accusing Radiant of fraud in a wider trade finance scandal. Radiant counters that Glencore hid the true nature of their dealings from auditors and US Department of Justice monitors installed after Glencore's 2022 $1.5bn bribery settlement. Messages show Hill warning Nahar that communications were monitored and tracked by the DOJ.