A person with knowledge of the matter, who requested anonymity, said Glencore has placed Peter Hill - the executive overseeing its ties with Radiant World - on leave while a review announced earlier this week runs its course. Hill runs trading for steelmaking inputs such as iron ore and coking coal, and since 2021 has led Glencore's iron ore business. Last year, he moved up from running iron ore to take charge of the full suite of steelmaking materials - coking coal among them - at a time when Glencore had just become a major player thanks to the purchase of Teck Resources Ltd.'s coal unit.
Glencore declined to provide a comment through a company spokesperson. Hill did not pick up his mobile when called.
Glencore says it is reviewing past dealings with Radiant World, Sapphire Minmetals and linked firms, and it has recorded a $480 million provision tied to Radiant World and related entities. This week, Radiant World brought a $2 billion legal claim against Glencore. In response, Glencore directly accused Radiant World of fraud, saying it has "confirmed evidence" that Radiant World and affiliated firms sent fake invoices, contracts and emails. Glencore added, "We take these issues seriously and are conducting a review of our historic business activities with Radiant World" and associated companies.
For years, Glencore was Radiant World's key supporter. Bloomberg earlier reported on a letter sent by Radiant World's lawyers that pointed to a November 2024 WhatsApp message in which Peter Hill - who leads Glencore's steelmaking raw materials unit - told Radiant World that Glencore had "basically bank rolled your entire existence for the last few years."
But the partnership deteriorated this year. Glencore began stepping back after banks approached it with Radiant World invoices carrying Glencore's name that the company could not confirm were genuine, according to prior Bloomberg reporting. Several big trading houses also halted business with Radiant World amid worries that it had used fabricated paperwork to obtain financing. Radiant World denies any misconduct, asserts it conducts business to rigorous commercial and legal benchmarks, and maintains, "This is, and has always been, a commercial dispute arising out of a genuine and longstanding trading relationship."
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Between a suspended senior trader, a nine-figure provision and a fresh $2 billion lawsuit, this is no small housekeeping for one of the world's biggest commodity players. What to watch next: any findings from Glencore's review, more disclosures around the provision, and whether trading volumes in its steelmaking arm shift as events play out.
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