Sapphire Minmetals and related companies intend to pursue their damages lawsuit against Glencore (LSE:GLEN) on an expedited basis, according to Sapphire Chair Rakesh Sethi.
The companies, including Singapore-based iron ore trader Radiant World, filed the action in Singapore’s High Court in September. They are seeking more than US$2 billion ($2.86 billion) over alleged fraud, breach of contract, and conspiracy connected with their trading relationship with Glencore.
Glencore denies the allegations.
“We intend to pursue the proceedings on an expedited basis,” Sethi tells Reuters.
He did not outline how the claimants intend to accelerate the case. No trial date has been announced.
The comments follow the Singapore High Court’s appointment of three KPMG executives as interim judicial managers of Radiant World.
The court judgment says there was sufficient initial evidence that Radiant World was, or was likely to become, unable to pay its debts. The interim managers will oversee the company while the court considers an application for full judicial management.
In a 15 September statement, Glencore alleged that Radiant World and associated companies sent falsified invoices, contracts, and emails to financial institutions. The companies have denied wrongdoing.
Glencore describes the damages claims as “meritless” and says it will contest them. It has ended its business dealings with Radiant World, Sapphire Minmetals, and associated companies.
Glencore is a Switzerland-based producer and marketer of metals, minerals, and energy commodities.
Write to France Pinzon at Mining.com.au
Main image: Radiant World
