Iron Ore Trader Radiant Alleges Glencore Hid Their Ties From Audited Records
Radiant alleged in a lawsuit filed in Singapore on Tuesday that Glencore's“formal records did not fully reflect the parties' private arrangements” or the“true nature and extent of the trading relationship”. It claims Glencore instead insisted on communications through in-person meetings and messages sent on WhatsApp.
External Content“Glencore directed those channels so that the true commercial arrangements would not be reflected in its audited records,” according to the lawsuit. Radiant understood Glencore's approach stemmed from increased regulatory scrutiny following investigations of the Swiss company by the US Department of Justice, the lawsuit added.
Radiant is joined in the Glencore lawsuit by partner companies including Sapphire Minmetals.
In response to questions from the FT, Glencore published a statement on its website saying:“These claims are meritless and we will contest them vigorously.”
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