We take these issues seriously and are conducting a review of our historic business activities with Radiant World, Sapphire Minmetals and associated companies. We have stopped doing business with these companies and have exited all obligations.
As further reported in the media, Radiant World and Sapphire Minmetals have alleged that they have claims against Glencore for substantial amounts. These claims are meritless and we will contest them vigorously. We have incurred losses and been exposed to risks by Radiant World companies and will take appropriate action.
As confirmed at our half-year results presentation, the exposure on our books to Radiant World and associated companies is not material to our financial position (below our threshold of $500mn). Taking into account provisions already booked, we are well below this threshold.
For further information please contact:
Media
Charles Watenphul
t: +41 41 709 24 62
m: +41 79 904 33 20
charles.watenphul@glencore.com