STOCKS | Radiant World Threatens Legal Action Against Glencore Over $1.4 Billion Loss Claim

Radiant World is threatening legal action against Glencore, accusing the larger rival of causing more than $1.4 billion in losses. According to Sina Finance, the Singapore-based iron ore trader said it sent Glencore a lawyer's letter on Thursday seeking to recover more than $800 million and claiming damages for alleged destruction of value. Radiant World said the dispute stems from a long-running trading and financing relationship that broke down in 2021. It also said Glencore recently issued termination notices to Radiant World and Sapphire Minmetals, claiming the two entities owed the London-listed company $951 million, offset by $471 million that Glencore owed them. Glencore said the claims were without merit and that it would defend itself. It added that Radiant World's actions had caused it loss and risk, and that it would take appropriate measures.