Glencore Suspends Executive Amid $2 Billion Iron Ore Lawsuit

Mining giant Glencore Plc has suspended Peter Hill, its head of steelmaking commodities, pending a review of the company's dealings with the Radiant World group of companies. The suspension follows the leak of WhatsApp messages from April 2025 in which Hill urged Radiant World counterparts to avoid using email and asserted significant control over their trading operations.

The move coincides with a $2 billion lawsuit filed in Singapore by Radiant World and Sapphire Minmetals Corporation Limited. The plaintiffs accuse three Glencore units of omitting the true nature of their trading arrangements from audited accounts and allege that Glencore's top management approved the continued exposure. Glencore has dismissed the lawsuit as meritless, claiming the action was triggered because Glencore exposed Radiant World's own fraud.

Glencore has taken a $480 million provision on its exposure and claims to possess evidence that Radiant World and related parties sent falsified invoices, contracts, and emails to lenders. While Radiant World denies any wrongdoing, the company has faced increasing scrutiny over claims that its rapid growth relied on falsified paperwork, leading some banks and partners to sever ties. Glencore shares in London declined following the news of the executive suspension.