Radiant World Layoffs: Iron Ore Trader Cuts Asia Staff by 50% Amid Fraud Probe and Asset Freezes

Iron ore trader Radiant World and affiliate Sapphire Minmetals have slashed workforces across Asia and Europe for a second round of cuts, shedding nearly half their iron ore trading staff in China and Singapore as multi-million-dollar fraud allegations, asset freezes, and regulatory raids mount.

Workforce Reductions and Executive Exits

Reductions across China and Singapore - comprising a mix of dismissals and voluntary resignations - have cut Radiant World’s China and Singapore iron ore trading headcount by close to 50 per cent, alongside personnel exits in London and Geneva. Sapphire Minmetals has similarly pared back operations. Oracle Layoffs: Tech Giant Cuts 359 Washington and Seattle-Area Jobs Ahead of November.

High-profile departures include:

• Leon Jin, veteran head of Radiant World’s China iron ore operations, who departed in late August/early September amid operational friction.
• Base metals traders Francois-Henri Audibert and Kelvin Li, who are also exiting.

Sapphire chairman Rakesh Sethi told Bloomberg that new trading business is on hold ("I don't intend to do further business until I sort out these things"), noting that some regional buyers attempted to exploit the disruption with distressed pricing. London and Geneva trading desks have largely closed out positions.

Legal and Regulatory Storm

The contraction follows a severe credit and legal freeze triggered in July by allegations that forged documents and invoices were submitted to lenders. Major houses like Vitol, Cargill, and Glencore severed ties. Current legal and regulatory pressures include:

• A USD 499 million worldwide freezing order from a London court obtained by a Jefferies-managed fund alleging invoice falsification.
• Singapore lawsuits from trade-finance platform Incomlend (over USD 34 million tied to contested Glencore contracts) and a unit of Mizuho Financial Group.
• Investigations by the US Department of Justice, CFTC, and Singapore police, accompanied by a raid on Singapore headquarters.

A retaliatory USD 2 billion-plus lawsuit filed by Radiant World and Sapphire against Glencore, alleging breach of contract, conspiracy, and concealment of commercial arrangements. Glencore has contested the claims and set aside USD 480 million in related provisions. US Bank Layoffs: Why 80 Indian Employees Laid Off in Five-Minute Google Meet Call.

While separate metals-unit personnel remain largely insulated, the core iron ore franchise faces severe existential strain. Radiant World has consistently rejected all accusations of wrongdoing, maintaining that its operations adhere to the highest commercial and legal standards

(The above story first appeared on LatestLY on Sep 18, 2026 05:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).