Glencore Plc accused Radiant World of sending falsified invoices and fabricated contracts to multiple financial institutions, citing confirmed evidence of fraud. The allegation escalates an ongoing dispute involving major commodity traders and lenders. Jefferies Financial Group Inc. previously secured a $499 million worldwide freezing order against Radiant World and Sapphire Minmetals in a London court.

Glencore said it has stopped all business with Radiant World and exited all obligations, while announcing a review of historic activities. Radiant World and Sapphire Minmetals claim Glencore breached contractual commitments, causing massive losses. Rakesh Sethi, chairman of Sapphire Minmetals, previously stated Sapphire’s losses reached $900 million, while Radiant World’s lawyers claimed $1.4 billion in losses.

Glencore dismissed these claims as meritless and said it would contest them. The company has taken a $480 million provision on its exposure, marking one of its largest trading losses in its history as a public company.