Glencore held warrants in Radiant World before cutting ties

Glencore acquired warrants for a minority ownership stake in Radiant World in late 2025, just months before cutting ties with the Singapore-based iron ore trader now facing U.S. federal investigations over allegedly falsified trade documents, Bloomberg reported Monday.bloomberg

The warrants deal, which has not previously been made public, underscores the depth of Glencore's relationship with Radiant World before concerns about fraudulent documentation surfaced across the commodity trading industry.

Mounting Exposure

Glencore's financial exposure to Radiant World exceeds $500 million, according to Reuters, though the company has disputed that figure, saying its actual exposure is "well below" that amount. CEO Gary Nagle said on August 5 that the company had taken a provision on its Radiant World exposure but described it as "not material," and confirmed Glencore had stopped all new business with the firm.live.euronext+1

"We've got some pre-existing contracts with some outstanding items. We're assessing how to address them in a legally compliant manner, but we've stopped doing any new business with Radiant," Nagle told journalists.live.euronext

Vitol Group and Cargill also suspended dealings with Radiant World in July 2026 after concerns about invalid invoices and other trade documents spread through the industry.cryptobriefing+1

Federal Investigations

The Department of Justice and the Commodity Futures Trading Commission are both probing Radiant World's transactions, Bloomberg reported last week. At the center of the investigations is the allegation that Radiant World submitted falsified invoices and other documentation to banks to obtain trade financing. Creditor claims against the company climbed from 10 in 2025 to 21 by August 11, 2026. Radiant World has said the claims against it are "inaccurate and unsubstantiated".bloomberg+2

Radiant World, founded by 23-year-old Pinkesh Nahar, had grown into one of the world's largest iron ore traders with annual turnover of roughly $12 billion before the scandal emerged. No charges have been filed.inc

Glencore's Strong Half-Year Results

Despite the Radiant World exposure, Glencore reported robust first-half 2026 results on August 5, with adjusted EBITDA of $10.1 billion, up 86% year-over-year, on revenue of $174.4 billion. The company declared a $1.5 billion shareholder return comprising $1 billion in cash and $500 million in buybacks. Glencore is preparing for incoming CEO Suresh Vadnagra, who will succeed Gary Nagle.tradingview+2