Vitol, Cargill, Glencore cut ties with Radiant World

Vitol Group and Cargill have stopped trading with Radiant World, one of the world’s largest iron ore traders, Bloomberg News reported on Friday, adding that Glencore (LON: GLEN) is no longer doing new business with the company.

Two of the trading houses saw invoices or other documents that Radiant World had provided to its banks that were not valid, the report said, citing people familiar with the matter. The third trading house pulled out after being informed about concerns over falsified documents, Bloomberg reported.

Radiant World said in a statement its business continued to operate normally and its policy prevented it from commenting on “purported discussions involving specific customers, suppliers, lenders”.

“We continue to execute physical commodity transactions across our global platform, maintain longstanding relationships with our commercial and financing partners, and remain focused on serving our customers,” it said.

“The claims are inaccurate and unsubstantiated. Radiant World conducts its business to the highest commercial and legal standards and complies with all due diligence requirements with its lending partners,” it added.

Bloomberg said that at least two creditors, Italy’s biggest bank Intesa Sanpaolo ISP.MI and Jefferies Financial Group’s JEF.N Point Bonita fund, are reviewing their exposure to the company.

An Intesa spokesperson told Reuters that the lender had booked provisions on an exposure worth €200 million ($230 million) to Radiant World.

The position with Radiant is now largely covered and there is no impact on the bank’s 2026 net profit, for which Intesa provided new guidance on Wednesday, the spokesperson added.

Jefferies, Glencore and Vitol declined to comment. Cargill did not immediately respond to a request for comment.

(Reporting by Kanjyik Ghosh and Valentina Za; Editing by Joe Bavier, Louise Heavens and Jan Harvey)