GLENCORE has suspended a senior executive pending a review of its dealings with iron ore trader Radiant World, the Financial Times reported on Friday.
The miner has suspended Peter Hill, its head of steelmaking raw materials, pending a review of its historic dealings with Radiant and associated companies while it reviews its historic business with Radiant and associated companies, the FT said, citing a person familiar with the matter.
The move comes after Radiant filed a $2bn legal claim in Singapore against three Glencore entities.
Radiant alleges that Glencore kept the “true nature” of their trading arrangements out of its audited records. Glencore has rejected the claims, describing them as “meritless” and saying it would contest them.
Glencore said it had evidence that companies involved in the dispute had sent falsified invoices and contracts, as well as fabricated emails purporting to come from Glencore personnel, to financial institutions.
The group said it was reviewing its historic business activities with the companies involved.
Radiant, which grew rapidly to become a major global iron ore trader, has come under scrutiny after allegations that some of its business involved falsified documents. Radiant has denied wrongdoing.
Hill has held senior roles in Glencore’s iron ore business for several years and became head of iron ore marketing during a management reshuffle in 2021.
