Glencore suspends executive over Radiant scandal

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GLENCORE has suspended Peter Hill, its head of steelmaking raw materials, as the fallout from its dealings with Singapore-based iron ore trader Radiant World deepens, the Financial Times reported.

Hill has been removed from his role pending a review into Glencore’s dealings with Radiant and related companies, a person familiar with the situation told the newspaper. The FT said its own questions about Hill’s role in the relationship had prompted the move, though the review had reportedly been under way for some time before being made public this week.

The suspension follows a $2bn lawsuit filed by Radiant in Singapore against three Glencore units, accusing the Swiss trading house of omitting the “true nature” of their trading arrangements from its audited accounts.

Radiant expanded rapidly to become one of the largest players in global iron ore trading, but is now under scrutiny after claims that some of its dealings relied on falsified paperwork prompted banks and other partners to cut ties. The company denies any wrongdoing.

Hill had long been a key figure in Glencore’s iron ore operations, rising to head of marketing for the division during a leadership shake-up in 2021.

Responding to the lawsuit, Glencore said the claims were “meritless” and would be “contested vigorously,” adding that it held evidence the companies involved had sent falsified invoices, contracts and emails — fraudulently presented as coming from Glencore staff — to lenders. It said it was “conducting a review” of its historic dealings with the parties named in the suit.

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