Global commodity giants Vitol Group and Cargill have suspended trading activities with Radiant World, one of the world’s largest iron ore traders, according to a Bloomberg report released on Friday. The report also stated that Glencore has stopped initiating new business with the company amid concerns over questionable financial documents.
Bloomberg reported that two trading firms discovered that invoices and other documents submitted by Radiant World to banks were invalid, while a third company withdrew after being alerted to allegations of falsified paperwork. In response, Radiant World denied the claims, stating that its operations continue as normal and insisting that it adheres to the highest commercial and legal standards.
Meanwhile, creditors including Italy’s Intesa Sanpaolo and Jefferies Financial Group’s Point Bonita fund are reviewing their exposure to the trader. Intesa confirmed that it had set aside provisions related to an exposure of €200 million ($230 million) but emphasized that the issue would not affect its projected net profit for 2026. Vitol, Glencore and Jefferies declined to comment, while Cargill did not immediately respond.
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