PRESS: Glencore suspends top executive amid Radiant World scandal - FT

(Alliance News) - Glencore PLC has suspended one of its senior executives in the wake of the escalating scandal involving the commodities group's ties to iron ore trader Radiant World, the Financial Times reported on Friday.

Shares in the Baar, Switzerland-based firm fell 2.8% to 563.70 pence each in London on Friday. In Johannesburg, they were down 3.5% at ZAR121.80.

FT sources said Peter Hill, Glencore's head of steelmaking raw materials, has been stood down from his position pending the outcome of a review into the miner's business with Radiant World and associated companies.

It comes days after Radiant filed a USD2 billion legal claim in Singapore against three Glencore entities, which alleged that the Swiss commodities trading firm had kept the "true nature" of the companies' trading arrangements out of its audited records. 

The move follows enquiries from the FT about Hill's involvement in the relationship.

On Tuesday, Glencore said legal claims from Radiant World were "meritless" and "we will contest them vigorously".

The FTSE 100 listing said: "We have incurred losses and been exposed to risks by Radiant World companies and will take appropriate action."

Glencore said it had "evidence that these companies sent falsified invoices and contracts as well as fabricated emails, which they fraudulently claimed to have received from Glencore personnel, to a number of financial institutions."

"We take these issues seriously and are conducting a review of our historic business activities with Radiant World, Sapphire Minmetals and associated companies. We have stopped doing business with these companies and have exited all obligations."

Glencore said the exposure to Radiant World and associated companies is "not material" to its financial position, being below the USD500 million threshold.

Singapore-based Radiant grew rapidly from relative obscurity to become one of the world's largest iron ore traders. But it is now at the centre of a growing scandal as lenders and others have moved to break ties with the company following allegations that some of its business involved falsified documents.

Radiant has denied any wrongdoing.

The FT said Glencore's Hill was a prominent and longstanding member of the Glencore's major iron ore business. He took over as head of iron ore marketing as part of a larger reshuffling at the top of the company in 2021.

By Jeremy Cutler, Alliance News reporter

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