Radiant World sues Glencore for $2.5 billion in Singapore, Bloomberg News reports
Sept 15 - Radiant World and Sapphire Minmetals have filed a lawsuit against London-listed miner Glencore in Singapore claiming US$2 billion (S$2.5b) in damages, Bloomberg News reported on Tuesday, citing a senior executive at the group of companies.Sapphire Minmetals, which used to be part of Radiant World, was joining forces with the Singapore-based iron ore trader for the claim, the trading firm's chairman, Rakesh Sethi, told Bloomberg News.Radiant World and Sapphire Minmetals are subject to a London court order freezing up to $499 million in assets after a Jefferies-managed fund alleged they used fake iron ore invoices in a scheme to defraud it, the report said.Reuters could not immediately verify the report. Radiant World and Sapphire Minmetals did not immediately respond to Reuters' request for comment.Glencore referred Reuters to a statement issued earlier on Tuesday when asked for comment.The miner said it had confirmed evidence that Radiant World and associated companies sent falsified invoices, contracts and fabricated emails purporting to be from Glencore personnel to several financial institutions.