Singapore-based iron ore trader Radiant World is threatening legal action against Glencore, alleging over $1.4bn in losses stemming from their complex trading relationship. Radiant, which grew rapidly into a major global trader, has faced a liquidity crisis after banks and firms including Glencore cut ties over alleged documentation inconsistencies. Japanese lender Mizuho has launched a legal challenge in Singapore's Supreme Court, and Singapore police are investigating Radiant following complaints.

Radiant denies wrongdoing and sent a legal letter to Glencore seeking recovery of more than $800mn paid to the Anglo-Swiss group, plus losses from "the destruction of the value" of its business. Glencore calls the claims "meritless" and says it will vigorously contest them, noting it has incurred losses from Radiant's actions. The dispute traces back to 2021 when Glencore allegedly demanded repayment of nearly $1.2bn in derivatives exposure.

Radiant alleges an agreement existed to gradually pay down the debt while Glencore assisted with financing. A WhatsApp message allegedly from Glencore executive Peter Hill in 2024 stated: "Remember — we are the guys that you were allowed to build up $1.2bio exposure to and basically bank rolled your entire existence." Radiant also claims Glencore acted as a senior partner, influencing hiring, fundraising, and trade pricing.