People familiar with the companies say the two traders have reduced headcount in multiple offices across Asia and Europe, with some employees exiting voluntarily and others laid off. Radiant World has seen nearly half of its iron ore traders leave in China and Singapore, along with additional departures in London and Geneva, according to the people. These cuts are the second round since July.
In China, Radiant World is now down to around half the iron ore traders it had before August, and its iron ore operations workforce in the country has been cut by more than half. Separately, base metals specialists Francois-Henri Audibert and Kelvin Li are departing, according to people with knowledge of the matter.
The recent exits follow the departure of Leon Jin, a veteran who had been in charge of Radiant World's China-focused iron ore operation. He left earlier this month after challenges carrying out day-to-day operations.
Radiant World and Sapphire Minmetals - legally separate but closely linked - are both covered by a $499 million worldwide freezing order issued by a London court at the request of a fund run by Jefferies Financial Group Inc. The fund claims the firms employed fabricated iron ore invoices in executing a "fraudulent scheme."
In Singapore, Radiant World faces additional litigation from creditors Incomlend Pte and a subsidiary of Mizuho Financial Group Inc. The two companies have said they incurred losses exceeding $2 billion due to actions by Glencore Plc, once a major backer. In July, Bloomberg reported that top commodity firms, including Glencore, moved to distance themselves from Radiant World over concerns about documents provided to lenders.
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A spokesperson for Radiant World did not respond to inquiries seeking comment. The company has previously denied any misconduct and says it operates under the most stringent commercial and legal principles.
According to people familiar, most activity by traders in London and Geneva has been unwound and dealing has ceased. At Sapphire Minmetals, two operations roles were eliminated - one in Shanghai and one in Singapore - while a small group of traders remains in Beijing to handle the leftover iron ore business.
Rakesh Sethi, Sapphire Minmetals' chairman, told Bloomberg he is pausing new trades while he focuses on legal issues. "I don't intend to do further business until I sort out these things," he said. He added by email, "Some people are leaving but some new people are under interview and some new people will be joining soon." Sethi also said some Chinese buyers tried to capitalize on the situation by pitching purchases at prices well under market levels, making active trading unattractive.
Between the asset freeze, lawsuits, and shrinking desks, both firms are operating with tighter bandwidth and more scrutiny. Counterparties may encounter slower activity, especially in London, Geneva, and parts of Asia, while legal proceedings continue. For anyone exposed to trade flows touching these names, the headline risk is likely to stick around - and the staffing churn, including the exit of Leon Jin and other traders, suggests this story is still moving.
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